Danny Kurchena

Professor Caton
Writing Seminar
28 November 2016
Correlation between Economy and technology
People do not understand nor appreciate the technological
advanced of the human race throughout the past 30 years. We have
undergone a significant increase of technology globally in a wide
variety of aspects, whether it be medical equipment, communications
or economically. There is a substantial amount of information that has
been discovered due to the ever-increasing globalization through
technology and there has been marvelous accomplishments achieved
by technologys help and the persistence of the human race. I firmly
believe that we have the technology that can contribute to our
economy and advice us on how to prevent an economic disruption.
We live in a time where the United States has the biggest and
strongest economy in the world; the U.S economy takes up
approximately a quarter of the world economy so it is imperative that
we keep our economy booming. I have analyzed a couple of reasons
and ways that technology can improve our economy. A big way that
technology helps simulates our economy is the workforce
transformation such as amazon, it is a simple idea, you purchase
something online and you receive it. However the process behind it is

very much complex, there are many contributing factors behind it that
make it possible such as the IT workers who make sure the software is
up and running properly, you have the warehouse where all of the
items and merchandises are, the people who are working in the
warehouse and doing inventory. All of these help the economy by the
many different of the departments having many employees; these
employees contribute to Amazons production and so on. Another way
that I felt that technology contributes to the economy is that
businesses are becoming more aware of the positives of technology.
Almost every business in the U.S have an online presence, the Internet
provides businesses new ways of reaching out to customers and
competing for market share. Social media has also established itself as
a powerful marketing tool. Again the IT members are critical in these
scenarios and are hired to help companies maintain a strong online
business reputation and improve efficiency. Having an online presence
is a great way to show your product, give more information and show
other peoples comments about said company.
A big reason why technology helps is contribution to GDP growth
(Gross Domestic Product), it may seem strange but the Internet has
improved the GDP by a matter of a few billion dollars. The way this
works is the effects of e-commerce, which is, people advertising and
selling goods online. Along with online advertisement, another major
contributor to improving GDP is the increasing number of mobile phone

and data usage. Cell Phones have a profound impact on numbers of

industries helping them develop new communities and build networks
all over the country. This is good for the efficiency of a business, giving
them unlimited access to constant communication.
The average annual salary has increased significantly in many
areas that are related to technology. Higher technology has shown that
it increases our nations wealth and that is a huge benefit for the
economy. There is a couple reasons to why technology has increase
employee wages, the most important reason, I feel is that certain kinds
of technology require a specialist in order to effectively use them. For
this reason, a higher wage is typically given to the employees. The new
machines and advanced technology have provided new jobs but the
employees have to be educated on how to operate them. The higher
education level and the expectation of being able to do more is why
the companies feel obligated to raise an employees wage. The use of
technology is so spread out that the level of income has increased
significantly among many kinds of workers around the country. The
increased in wages has contributed to the United States increase in
wealth which helps simulates our economy. More people have
discretionary money now for spending money so they can afford to buy
themselves some new clothes at TJ Maxx; this is a chain of reaction,
higher wages leads to more spending money which all contributes to
the countries strong yet fragile economy.

Like almost everything, technology has provided us with massive

positives but there are some negative aspects to it. The everincreasing technology has provided us with mass of new types of jobs
and employed many workers. However they have taken a significant
number of people out of jobs in many circumstances. It is a strange
thing, machines have taken the place of workers in factories and plants
but at the same time, they have created jobs. A very common example
is the auto industry, we have advanced machines now that can
produce cars a lot faster, back then it was all done by hand which took
a lot more time, effort and was far more costly. There are pros and cons
to man labor and machine such as machine is expensive to run but
also more efficient and produces a lot faster. A lot of the older and
industrial company has suffered job losses due to technology but at the
same time the wireless industry has employed thousands of workers
for all of the aspects that technology offers. Such as App businesses,
Google, cellphone companies and so more. The biggest hope is that a
growing business has the potential to increase the number of jobs
available that could balance out the shortage of workers due to new
machines and advanced technology.
International trade influences a supremely important of the
United States national economy. International trade is beneficial for the
countries involved and when it is practiced properly, it opens up to the
opportunities of global market to developing nations. The invention of

technology has considerably changed the way countries trade goods, it

has improved the efficiency of production. An advanced country such
as the United States has the ability to make more goods in a shorter
amount of time so we can trade those goods worldwide. Being able to
converse with other countries easily and trade more efficiently makes
it that much easier and has a huge impact on our economy. Our
national debt is linked to irresponsible trading between other countries
so improving our trades with new tools from technology could be a
huge factor in getting our economy on back on track. The national debt
has crippled our economy and we are in this position because of many
reasons such as dumb government spending but irresponsible trades
have had an impact on our national debt as well as our economy. We
ship and ship then we dont get fully reimbursed so we are paying the
rest off ourselves so an improvement with technology related trades
could be the turning point for our country and economy.
Technological advancement and economic growth are related to each
other. Technology can be regarded as the primary source in economic
development and the various technological changes contribute in the
development of undeveloped countries. The rapid rate of growth in the
economy can be achieved through high level of technology. It has been
observed that innovation progress is the biggest determinant of
economic progress. Inventions and innovation have been largely
responsible for the rapid economic but it begs the interesting question,

will economic growth stop if the technological progress becomes

constant? This is an intriguing thought but it doesnt seem quite
possible because from this point on, we can only make advances, not
go back. There is a photo included and it is the estimated potential
economic impact of technology in 2025, it is estimated that mobile
internet, advanced robotics and energy storage will be along the top
for most revenue in the trillions in less than 10 years. This is the kind
of path we want to be on, economic growth and technological
advances to a booming economy.
We are living in a marvelous time in the 21st century, we are
barely scratching the surface with what we can achieve with
technology in general. Donald Trump successfully used social media
and technology to propel him into the presidency of the United States.
We have medical equipment that helps us fight and screen cancer due
to the advancement of technology and so many more things to come
in the next 10 years. It may seem easy to love technology and think it
is the greatest thing ever but we have had to overcome some dreadful
setbacks in order to get where we are today. Losing hundreds of
thousands of jobs due to machines, the recession of 2008 both were an
outcome of technology but ironically technology has helped us through
both of these situations. It feels like a game of tug, we keep pulling for
both sides but if we can get on the same page and understand what

we want and need from technology and how it can support our
economy, there is no telling what we can do with it.

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