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How has technology affects the economy?

 


There are three main drivers of economic growth- productivity, capital, and labor. The latest economic news explains why technology can affect the economy of a nation. Productivity is one of the main propellers of economic growth. The more technology, the more increase in the economic rate of the nation. We could learn it from the firms that have had access to technological advancements that have prospered sooner than the rest of them. Another reason is that technology has a major effect on the labor of the nation. Skilled laborers are required when it comes to technology, whereas unskilled labor is unemployed. Automation and digital advances are the reason for the same. On the services side, however, works and laborers are given importance. Primary and tertiary activities demand the knowledge of the technology involved. The increase of technology has also increased inequality in nations. It leads to less growth as it becomes inclusive of technology. 


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