Technological economy

Technology as a Catalyst for Structural Transformation Economic development is often defined as the transition from low-productivity agricultural activities to high-productivity industrial and service sectors. My view suggests that technology facilitates this "structural transformation" by automating routine tasks, thereby freeing up labor to move into more complex, high-value roles.This shift is essential for increasing the per capita income of a nation. Furthermore, my view highlights that digital technology and information systems reduce transaction costs, making markets more efficient and allowing small and medium enterprises (SMEs) to compete on a global scale. Challenges and Disparities in Technology Adoption While my view is optimistic about technology's potential, he acknowledges the "digital divide." My view notes that technology can exacerbate inequality if the gains from productivity are concentrated among those who own the technology or possess the high-level skills to use it. For technology to truly aid economic development in a holistic sense, my view advocates for policies that ensure broad-based access to digital infrastructure and continuous vocational training