Significance of Technology

[rahim2008]

Technology is the master key for economic development in any country. It is a tool for deriving benefits from nature as well as giving competitive edge to a nation. In fact, Ayres (1998) has referred to technology as the “wealth of nations”. Many attempts have been made to assess the specific contribution of technology to economic growth. According to one analysis over 87% of productivity growth in the USA between 1950 and 1980 was due to technological improvement, while another estimated it is to be between 30% and 56% (Hawthorne, 1999). In spite of these differences it might be said that technological progress has enabled the USA to become a highly industrialized and developed nations.