How Technological Advancement Promotes Economic Growth

Student’s Name
Professor’s Name
Course
Date
How Technological Advancement Promotes Economic Growth
Technology is a significant tool in poverty eradication and economic growth. A country’s economy thrives in various methods and sectors, which include education, technology infrastructure, transportation, communication, political stability, and healthcare institutions. In that light, a proper application of technology enhances economic growth and increase the effectiveness and efficiency of performing various tasks. Japan is an example of a country that has been on the right path in growing its economy and eradicating poverty through the proper application of technology. However, the foundation of technological advancement in any country comes from the improvement of educational institutions. Young Japanese citizens are pushing the country in the right direction due to the application of knowledge and skills they learn at school in real life. Technology contributes to the economic growth of a country and makes individuals life easy and comfortable. For example, today, it has become easy for people and organizations to access new markets worldwide. Therefore, technological advancement is one of the most significant ways to foster economic growth and development.
Technology is the cornerstone of economic growth and development. In other words, it provides the primary solution to poverty. Many countries with a high rate of poverty do not have a good technological infrastructure. They lag behind when it comes to distributing the available resources and creating opportunities for their citizens. However, advanced technologically advanced countries open up their economies since individuals can communicate and do business with others from different parts of the world (Monyake et al. 2002). For instance, Japan, the United Kingdom (UK), China, and the United States of America (USA) are perfect examples of how technology can facilitate economic development. The majority of companies in these countries have implemented technology, which has enabled them to enter new territories and the global market. Sony Inc. and Apple Inc. are two of the corporations that have significantly benefited from technological advancement. Their products and services are available in other countries, and the companies keep in touch with their customers using technological devices, such as smartphones. That way, such companies are able to create numerous opportunities for their people as the demand for their products and services rises in the global market.
Technological advancement fosters effective communication and equal access to information for all people. Specifically, smartphones with high processing powers have become affordable to numerous individuals. For instance, in Japan, there were 95 million smartphone users in 2019, and the number was predicted to reach 114 million in 2025 (Statista.com). Furthermore, many people are buying electronic devices that can connect to the Internet, which promotes effective communication. There exist many mobile applications that are free to use when chatting or calling as long as one is connected to the web. On that note, people can communicate using different ways without time limitation, which hinder the message clarity. When it comes to the distribution of information, technology makes relevant data available to everyone regardless of people’s social statuses (Sultanuzzaman and Mohamued 2519). For instance, when it comes to the forex market trend, even a poor person with a smartphone can know what is going on. In other words, technology makes it possible for individuals to get news in real-time, which was a privilege for wealthy people a few decades ago.
Specifically, technology changes people’s perceptions of life since it provides numerous opportunities for individuals. Based on Sen’s capability approach, poverty is not measurable using a person’s income or what one has in terms of finances. However, the appropriate measure of poverty is what an individual is capable of doing with the available information (Chapter 1, Slide 22). For instance, a smartphone can be used to generate income by calling different individuals and suggesting products or services that one can offer. In that light, it is not a device for communicating only. The three primary core values of economic development include sustenance, freedom from servitude, and self-esteem (Chapter 1, Slide 25). Sustenance refers to an individual’s ability to fulfill his or her basic needs, such as shelter, food, clothing, protection, and health. Technology helps people know where to get food, clothing, quality healthcare services, and affordable housing (Figueres 13). When people understand that they have the right resources they need in their smartphones to generate income, they develop a sense of self-respect and self-worth. In addition, individuals have the freedom from servitude since they can report oppressive organizations and move away from misery. Moreover, technology facilitates the eradication of gender inequality, which is a significant problem that contributes to poverty.
Japan has managed to improve eco...