Technology is a general term that refers to an array of human endeavors, usually of a technological character, which have increased the speed or effectiveness with which information and communication are delivered to other agents. The progress of technology has been largely dependent on human invention and advancement. It has also been shaped by culture, with some forms of technology being embraced by certain cultures while other types of technology are shunned and prohibited by other cultures. Technological change is not an inherent feature of mankind’s social structure, but is instead an effect of culture and the endeavor to achieve specific ends through different technologies. This paper discusses four types of technological change and examines the reasons for their adoption and diffusion.
Economic Development: The process of economic development generally refers to the rise and establishment of new businesses and the creation of new economic activities. Technological change, on the other hand, refers to the harnessing of computer power for various tasks in the information technology sector. Many tech companies in India have experienced phenomenal growth rates because of this change.
Economic Impact: Technological change has had a profound impact on the Chinese economy. The rapid adoption of information technology and its subsequent globalization have resulted in China adopting an open mind approach to IT, leading to an influx of foreign professionals into the country as well as the ability to adopt international standards. As a consequence, many Indian tech companies have established bases in China, allowing them to tap into the enormous talent pool that the country has to offer. The rapid growth rate of Chinese internet companies has also contributed to the upward mobility of Chinese people, allowing them to enter the IT sector in large numbers.