Technology change and economic growth - 1375 Words

Technology change and economic growth (Term Paper Sample) Content: Name: Instructor: Course: Date: Technology change and economic growth. Introduction. Many countries have or are in the process of adopting technology in various sectors of their economy. For instance, the western countries have had a drastic economic change due to technological adoption as evident through the new technological innovations that have been created in these countries. In 1950s, it was difficult for economist to quantify the importance of technology in growth and this led to questions such as how much technology is needed to fuel the economy of a country, which economic sectors should technology be applied, what are the growth effects of technological change and how is technology related to other social and economic policies? The last few decades has seen new progress in empirical work and theoretical research on technological change and growth in an attempt to provide answers to such question In the 21st century, the importance of technology to economic growth is obvious and this has been facilitated by integration of technology as an economic pillar with macro economic policies such as production, human capital management and education in order to fuel growth (Nordhaus). Macro economic Theory/Event, Technological Change and Growth. Technological innovation and technological change has been a necessity for economic growth and development (Steger). Technological innovations by countries have been advocated for decades with the importance on the same in the developed countries having been long recognized. Some economists argue that advancement in technology in U.S, China, Germany and other western countries has helped launch a period of economic hegemony among those countries. Evidence from empirical research has confirmed the importance of technology in economic growth with education also been associated to the two (Steger). However, how and why does technological change promote economic growth? Most economic analysts contend that technological advancement facilitates efficient production, which is an important aspect of economic growth. Technology is the basis for industrial wealth and for many years, developed nations have emphasized on the need training scientific and technological elites. Technological change allows the labor force to be trained and to acquire more skills. These skills are very fundamental to production and hence growth. When the labor force’s skills are combined with new technology, what results is increased productivity. Increased production put an economy in production surplus where it can produce for the local market and for exports (Nordhaus). After World War II, economic growth was based on Neoclassical Benchmark Model developed by Solow in 1956. The model assumed that all labor and capital were homogeneous and therefore eliminated any differences in labor or capital quality that might have arisen from technology or education. However, as years went by, more theoretical rese arch emerged with approaches that linked technological change to have a positive effect on growth and this is supported by Endogenous growth theory, which contends that arrival of new ideas is an outcome of profit-oriented research and development. The new ideas on the other hand lead to accumulation of knowledge, which is an important aspect of technological change and growth. Effects of technological change on economic growth can be grouped into the following categories described under causes and policies (Crafts). Causes and Policies. Technology as a separate factor of production. The first class of model views technology as a separate factor of production. Technology has been identified by many contemporary economists as the fourth factor of production besides land, labor, and capital. In this approach, technology is viewed as a production factor that can be accumulated. These scientists have therefore defined technology as a science that improves or informs production processes . In contemporary times, technological change have also been linked to entrepreneurship as millions of new ideas have enabled young entrepreneurs start new businesses that have contributed growth to their countries economies in terms of employment and job creation. It is important to note that technological change is associated to human capital, which results due to education. The policy implications for integration of technology in countries economy is that, technological change enhances the growth and competitiveness nature of an economy by boosting sectors such as industrialization and production, which in turn create other opportunities for the society (Nordhaus). Mutual interaction of technological change, human capital, and economic conditions. This model does not view technology as an input production factor but acknowledges that technological change is based on the idea that adoption of new technology and invention, economic conditions and human capital/education are interde pendent hence endogenous to the model. The link between technology and human capital in this approach is that, education enables the labor force to acquire skills and knowledge, which in turn leads to technological inventions. New technology on the other hand transforms the production environment. New technology has led to many production demands and therefore human capital has been categorized as skilled, semi skilled and unskilled labor force. The implication behind this reasoning is that if technology in a certain job changes, skills quality required must also change. Technological change must therefore be integrated with education/human capital and other economic conditions in order for the economy to experience growth (Korres 98). Implications and Effects of the policies. There are various implications and effects that can emerge if the two classes of recent models showing the relationship between technological change and economic growth reviewed above are evaluated critically. The first model treats technological change (technology) as a production factor while the second focuses on interaction between technological change, human capital development, and economic conditions. It is therefore apparent to contend that, both models offer paramount insights for technological change in industrialization and productivity, which are important aspects in contributing towards economic development and growth. Should countries therefore invest in technological innovation to spur economic growth? Yes they should. This explains why the western countries do spend billions of dollars in research and development in order to create new form of technology. The implications of such a policy are felt in terms of positive economic growth experienced in countries with high technology as job creation and high productivity is gained (Crafts). Critical Evaluation of the Policy. On a critical note, the policy to adopt and encouraging technological change in order to spur growth...

Thinking differently Researching neurodiversity in the workplace

We are all unique.  Everybody experiences the world differently, and these differences are inherent in our  neurology  Ã¢â‚¬â€œÃ‚  in the ways our brains are wired to  process and respond to information. Neurodiversity refers to the many different types of neurological differences in people with  dyslexia, dyspraxia, autism, and ADHD among others, where people quite literally think differently. Currently, there is a lack of attention and research regarding what neurologically accessible executive education could look like. Hult Research at Ashridge Executive Education aims to  fill this gap with research investigating neurodiverse people’s experiences of management development. Often neurological differences affect the brain’s information processing and functioning. For example, adults with dyslexia might have difficulties planning and prioritizing their workload but also have enhanced creative thinking and problem-solving skills. People on the autism spectrum may struggle to read the facial expressions of colleagues at networking events but read complex JavaScript very easily. Those with dyspraxia might pay excellent attention to detail, but face difficulties with their sense of direction. What is important to remember is that neurodivergence effects people in ways which are unique to that individual, for instance ADHD can manifest as problems with short term memory for some, but by no means all. Some employers are already starting to recognize the value of neurodiversity Right now, there are a small but growing number of experts discussing the benefits of â€Å"thinking differently† who try to persuade businesses to recognize the value that neurodiverse people can bring as employees. For example, Forbes published a piece which highlights the â€Å"superpowers† of ADHD including the ability to focus for extended periods, multitasking, and keeping calm under pressure, all of these skills are valuable for busy working executives. CIPD’s report valuably presents the evidence and argument for businesses to amend their strategy and process to include those with neurodiverse characteristics. This is a message that businesses are getting on board with. As part of the drive for more diverse and inclusive workplaces which has developed over the past two decades, a number of organizations are now taking notice and beginning amend their recruiting practices to make them more suitable for people who think differently.   For example, Harvard and others mention that SAP, Hewlett Packard, Microsoft, Ford, and EY have begun to target neurodiverse talent and others including Deloitte, Dell, IBM, and JPMorgan Chase are scoping their strategies. However, there is a lot more evidence of positive intention than there is of practical action. So far there are no details describing hands-on action that businesses have taken to attract and retain the neurodiverse, and we are yet to learn of any positive outcomes. Therefore this research seeks to identify those businesses who have taken action towards including neurodiversity into their inclusion strategies, to collect examples of best practice, common challenges and the impact of the changes they have made. By gathering insight into those businesses who are role modeling the inclusion of neurodiversity, we can highlight not only why businesses should follow this example, but HOW they can do this in practice. Most importantly, we can establish whether this business change in tact actually improves the working lives of those who think differently. How can Executive Education support this move towards inclusivity? Creating more inclusive and accessible workplaces which cater for diverse ways of thinking and experiencing is not only a business responsibility. Executive education also has a role to play in improving the career progression of neurodiverse people. As businesses start to focus on attracting and retaining people with neurodiversity, it is important for businesses schools to understand how to best prepare and develop neurodiverse managers who work in these organizations. Primary and secondary education have worked on making education more accessible for a number of years. Since the understanding of dyslexia and other learning differences became more widespread, schools and universities now have provisions for those who don’t learn so well through things like reading, writing, sitting still and listening for long periods of time and memorizing and recalling vast amounts of information. Things like assistive technology, voice recognition software and extra exam time help make education a little more accessible (though there is still work to be done). Management education, however, has paid less attention to learning differences and the ways they can tailor teaching and content to a wider range of learners. There has been a focus on â€Å"learning styles† (REF) and how these might be important to consider, but neurological differences in brain functioning have never been a focus. What neurodiverse employees want and need from leadership or management development programmes is likely to look different from the ideals of the neurotypical. For instance notions of leadership which have highly emotional elements and emphasize interpersonal relationships might be difficult for people whose social skills and communication are affected by autism. Experiential learning techniques and role-playing which are popular executive development tools, might not benefit someone who processes sensory information differently. Since executive education is designed for the ‘typical’ brain, those with atypical brains are forced to lea rn in ways that are unnatural to them, resulting in them having to work hard to compromise their natural skills and tendencies. To fill this gap our research investigates neurodiverse people’s experiences of management development. Through speaking with those who have been through some kind of leadership/executive development programme or course. We will ask them to lead us in identifying positive changes or additions to exec ed teaching and format which will facilitate new practices which complement and benefit from diverse ways of thinking. This will shine a light on how executive education can become an environment where rare minds can thrive rather than compromise. For more Hult research which looks at the intersection of Disability and Inclusion in the Workplace  check out the report on our research partnership with Barclays and the Jubilee Sailing Trust Step up your game with executive education at Ashridge agile business school. To find out more, take a look at our blog How to fund your Executive MBA, or firm up your exec career footing with a Masters in International Business from Hult. Download a brochure or get in touch today to find out how Hult can help you learn everything about the business world, the future, and yourself. Grace Brown Grace is a Qualitative Research Specialist at Hult and works on several applied research projects on topics of generational demographics, diversity and inclusion, and workplace engagement. Her research interests are in the areas of psychology, sustainability, and religious and secular belief systems from both an individual and social perspective. Related posts Academics Beyond (narrow) business concepts: â€Å"Soft† skills turn out to be critical skills News Building success: Dual Degree students win at USASBE Community How going beyond business at Hult helped me launch my company Admissions Accepted Students Weekend: A weekend to remember Careers Career mapping: How to become an executive in the next 5 years 0 Thought leadership How to prepare for an uncertain future in a world of AI Instagram Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .