The impact of technology on the future of work is uncertain. Many qualified observers feel that technology, especially automation, machine learning and artificial intelligence, will drastically reduce the number of available jobs in the near future — perhaps within 20 years. Other authorities contend the same technology that is taking away jobs or reducing wage increases now will also open up significant new job opportunities. One thing is certain:
It has been observed that the main cause of poverty in underdeveloped countries is that they suffer from the technological backwardness. A specific level of technological advancement is the necessary pre-condition for rapid growth.
Therefore, the task of technological change in underdeveloped countries is difficult because the social set up in backward pre-industrial economies is not conducive to technological improvements on any significant scale.
It is observed that the absence of proper technological change retards the economic growth. Thus, it is imperative either to explore new technology or import technology from industrially advanced countries to promote the economic growth. Technological change means the technical knowledge used in the production of capital and machinery.
The various changes in technology leads to an increase in the productivity of labour, capital and other production factors. Technological progress comprises of creation of skill, new means of production, new uses of raw materials and the widespread use of machinery.
The technology is the most powerful means of wresting power from nature in all possible ways. It strengthens the facilities of man. It means much more than this. It should be preceded by sociological change also, a willingness and desire on the part of community to modify their social, political and administrative institutions so as to make them fit with new techniques of production and faster tempo of economic activity.
Dewhurts, in fact, can be thought of as the change in the production process of material and human skills. Process of Technological Change: Technological changes devise new goods and techniques of production.
The development of new technical knowledge can be defined as the growth of the new technique that can produce goods and services at lesser cost of production.
The process of growth of technical knowledge can be divided into following stages: The first stage is the advancement in scientific knowledge, the second is that of the application of this knowledge to some useful purposes and third is the commercialization of invention which is called innovation.
This has a great significance in the process of development. Schumpeter has distinguished between invention and innovation. Invention implies the discovery of new technique while innovation is practical application of invention in production for market. It may be called commercialization that originates from scientific advancement.
Invention is scientific fact while innovation is economic fact.
Inventions are carried on by the inventors large capital investments at every stage as it needs not only a scientific attitude but an attitude of the community and an entrepreneurial skill of high order with the ability to understand the possibilities of employing scientific incentives for commercial purposes.Veblen has regarded technology as the sole explanation of social change.W.F Ogburn says technology changes society by changing our environments to which we in turn adapt.
This change is usually in the material environment and the adjustment that we make with these changes often modifies customs and social institutions.
James Manyika, McKinsey's lead author of the report, believes "This is going to take decades," because transforming the workplace not only involves technological change, but societal change as well.
Nevertheless, the report concludes that eventually current technology has the potential to eliminate over 1 billion jobs while eliminating $ trillion in wages.
In economics, a technological change is an increase in the efficiency of a product or process that results in an increase in output, without an increase in input. In other words, someone invents or improves a product or process, which is then used to get a bigger reward for the same amount of work.
Technological changes devise new goods and techniques of production. The development of new technical knowledge can be defined as the growth of the new technique that can produce goods and services at lesser cost of production.
• Changes of technology system: extensive changes in technology that impact upon several existing parts of the economy, as well as creating entirely new sectors. These are based on a combination of radical and incremental technological innovations, along with appropriate organizational innovations, along with appropriate organizational innovations.
A specific level of technological advancement is the necessary pre-condition for rapid growth. Therefore, the task of technological change in underdeveloped countries is difficult because the social set up in backward pre-industrial economies is not conducive to technological improvements on .