The Impact Of Technology On The Development Of The United States Leading Economy

The Impact Of Technology On The Development Of The United States Leading Economy

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A high standard of living is the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class or a certain geographic area. To sum it up, your lifestyle is based on where you live. If you live in an area of poverty, then your setting is most likely surrounded by poverty. Charles Wheelan, author of Naked Economics: Undressing the Dismal Science, stated that Human capital is what makes an individual, productivity is what determines our standard of living (Wheelan,301). Economic growth, measured as the growth rate of per capita real GDP, is the key determinant of living standards in nations across time. (Coppock, ) To avoid such a low standard of living places like The United States of are in the process of gaining economic growth throughout the economic growth factors.
Technology plays a big impact on the development of the United States leading economy. Technology is the knowledge that is available for use in production. If we didn’t have technology and it stayed constant, wouldn’t innovation be constant as well? We’d have the same products and we wouldn’t have the tools to develop new ideas for our daily lives. Without technology production would be extremely expensive and would take longer to make. Without technology we’d fall down the ladder of an innovated country trying to compete with top competitors such as china. Luckily we have the best technology there is as of now and with that we can development and have the knowledge to produce things quicker. For example the assembly line was an important technological advance. It made production quicker and more efficient. Each worker had one job and one job only giving them a higher chance of doing well because that’s all they do. It worked out...

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...nk out of all factors, technology will be one of the main factors in continuing our economic growth. We need it to have a quick paced and always effective life. The downturn is that throughout the years to come machines will possibly take over the production, leading fewer jobs to people which could become a problem with the economy. If the people don’t make income our economy will go drastically down. With technology we’ve recently had an historical in our decade. Terence P. Jeffrey quotes Sen. Dan Coats who states that “the average growth rate for economic recoveries since the 1960s is 3.9 percent ranking the Obama recovery, with an average GDP growth rate of just 2.1 percent, among the slowest in history” (Jeffery). If we maintain a have accomplishments like our economic recovery I think our nation will slowly but surely establish a sustainable economic growth.

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