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Technology shocks are sudden changes in technology that significantly affect economic, social, political or other outcomes. [1] In economics, the term technology shock usually refers to events in a macroeconomic model, that change the production function. Usually this is modeled with an aggregate production function that has a scaling factor.
This measure of technological innovation is widely used in empirical research, since it does not rely on the assumption that only technology affects long-run productivity, and fairly accurately captures output variation based on input variation. However, there are limitations with direct measures such as R&D.
Even the shaman's potions and sacred objects can be said to have involved some technology. So, from the very beginnings, technology can be said to have spurred the development of more elaborate economies. Technology is seen as primary source in economic development. [8] Technology advancement and economic growth are related to each other.
The Edison Alliance at the World Economic Forum has worked to change that by delivering digital connectivity and access to financial, healthcare, and education services to those who need them most.
The term digital economy came into use during the early 1990s. For example, many academic papers were published by New York University’s Center for Digital Economy Research. The term was the title of Don Tapscott's 1995 book, The Digital Economy: Promise and Peril in the Age of Networked Intelligence.
Additional analysis provides more evidence to show how the digital divide also affects the economy in places all over the world. A BEG report suggests that in countries like Sweden, Switzerland, and the U.K., the digital connection among communities is made easier, allowing for their populations to obtain a much larger share of the economies ...
Presidential Traits That Positively Impact the Economy. Research from Georgia Tech’s School of Public Policy indicated presidential traits that may generally have a positive impact on the U.S ...
More recent technological inventions, including the printing press, telephone, and the Internet, have lowered barriers to communication and ushered in the knowledge economy. While technology contributes to economic development and improves human prosperity, it can also have negative impacts like pollution and resource depletion, and can cause ...