Science and technology is critical to any country’s success and development. In any culture, technology plays a critical role in wealth creation, improving quality of life, and true economic progress and development. It is essential to every successful economy’s growth, especially in today’s hunt for knowledge-based economies.
Nations that do not use science and technology have a low probability of being developed, and may even be classed as undeveloped because science and technology are closely tied to modernity and are a vital instrument for rapid progress.
The advancement and benefits that we enjoy now would not have been conceivable without modern equipment in all sectors, including medical, infrastructure, aviation, power, computer technology, and other fields. A nation that is unable to prosper on these principles will never be able to support its citizens and may be forced to rely completely on other nations for necessities, as science and technology have such a significant impact on a country’s progress.
In a globalizing world economy, technical distinctions are used to explain inequalities in economic development and wealth disparity between countries. The purpose of science and technology is to make it easier for businesses and individuals to use technology more effectively, resulting in lower costs and increased production. The use of new technologies allows for the manufacture of new, lower-cost items, as well as capital accumulation and, by extension, the increased international competitiveness of individual countries, while also contributing to societal cultural and political development.
Unfortunately, many emerging nations, particularly poor African nations, lack the human resources, physical and economic infrastructures, and finances to fully benefit from the triumph of science and technology that has brought the United States and other industrialized countries’ success. Nonetheless, countries at all levels of development have a strong desire for improved scientific and technological capabilities. Furthermore, each country must have some capability to understand the potential and limitations of science and technology, to select and successfully use acceptable foreign technologies, and develop domestic inventions.
Science and technology education would not only prepare Nigerian and other country’s youth for rewarding careers, but it would also teach them how to solve social problems with a scientific mindset.
Young people who have received a scientific and technology education have a greater chance of finding work. Because of their massive investments in research and technology, many developed and advanced countries have made significant progress.
According to the growth principle of neoclassical theory, technological revolution raises per capita income encourages savings and investments and raises real GDP. If technological progress is halted, growth will be halted as well. Schumpeter is credited with being the first economist to argue that technological advancements will boost economic growth.
“An evolutionary process progressing with the creative destruction of weakened sectors and involves the emergence of new technologies and new industries in the economy,” – Schumpeter’s Conceptual Framework.
Role/Importance of Science and Technology in National Development
Science and technology have played a critical role in furthering the fight against poverty and driving economic progress to this point. In many respects, scientific and technical breakthroughs are the ultimate global public goods, once discovered, their benefits can be transferred to other consumers at low or no marginal cost. To date, science and technology have achieved significant progress in the most fundamental and essential areas of human need, and they hold the best prospects for future improvement, particularly in agriculture, health, energy, water, and environmental problems.
The single most essential factor in the success and development of international trade and job creation is information technology, allowing firms to share information and conduct commerce in less than a second. In comparison to the equilibrium without technology trade, it improves innovation efficiency while decreasing the overall number of inventors. The volume of items traded rises as a result of technology commerce. At the market equilibrium, technology trade increases product variety. Each country’s national income rises as a result of technology exchange, as do the total gains from trade.
Increased Productivity, both Qualitatively and Quantitatively
The major impact of technology is an increase in productivity. More production at a lower cost is an example of quantitative increase. In a hospital, the effect could be qualitative, such as ensuring that electronic monitoring equipment is maintained regardless of cost. Need for research and Development – Instead of importing and acquiring technology, developing-country governments should prioritize research and development in science and technology. Institutions and researchers should be encouraged to seek out novel technologies that may assist the country in becoming self-sufficient by maximizing the utilization of indigenous resources.
Scientific and technological improvements have enabled higher yields, more efficiency, and more nutritional value in the world’s food supply. Food production, on the other hand, will need to double in the coming decades to meet rising demand while also improving drought, pest, salinity, and temperature extreme resistance, increasing nutritional content and reducing post-harvest loss while remaining environmentally and socially sustainable. Simultaneously, the regulatory challenges of ensuring food safety in production and consumption will skyrocket.
Expansion of Industry
Due to the improved labour efficiency and the ever-improving state of technology, businesses may increase total output, resulting in higher profitability and economic growth. Small to medium-sized enterprises (SMEs) and entrepreneurs in the production organization segment will be assisted in improving their business skills and creating employment opportunities in the ICT sector by including youths, service providers, and small businesses in business skills training and ICT capacity-building trajectories. Poverty will be reduced among teenagers and adults as a result of this.
Some middle-income countries, such as Nigeria, have been able to develop pockets of scientific and technological ability that suit their economic and social goals at least in part. However, it appears that they were created to address scientific and technical capability gaps. Adoption of appropriate policies and activities in at least four areas is required to improve the role of science and technology; human resource development, private sector demand for knowledge, public support for science and technology, and access to information and communication technologies (ICT).
Technology gives technology-producing countries an economic and military advantage over other countries. As a result, countries with better technology may apply pressure on others. The rapid pace of technological advancement creates economic uncertainty and makes forecasting difficult. Increased exposure of countries to global volatility, a harsh competitive climate, and lack of security are all factors that contribute to economic negativity.
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