The
modification in technological progress that has motivated productivity upwards
is remarkable, emphasizing the ongoing significance of focusing on technology
as the main change agent. Improvements in transportation, energy systems,
logistics, communication, and a multiplicity of other technological trajectories
have enabled an improved standard of living through progressing productivity.
Determining the particular effects of technology on productivity is a tough
pursuit. It is approached over metrics like as GDP (Gross Domestic Product) per
capita, and TFP (Total Factor Productivity). We require a technological
development for production process because the use of technology in production
makes easy the process of production.
Production Possibility increases
due to Technology
Productivity
progression is bound by what is called the PPF (production-possibility
frontier), which fundamentally stipulates a sequence of maximum amounts of two
possessions that can be created using a fixed amount the related factors of
production. In the environment of a given PPF, only a rise in the overall
supply of inputs or a technical improvement will allow for the PPF to shift out
and permit for an increase in potential outputs of both goods consecutively.
The change due to variations in technology signifies increased productivity.
This is a serious component in accepting the character of technology in
productivity, as it is a key influence on increasing the potential production
possibilities (Boundless.com).
Technology plays a major role in
manufacturing.
The
organization that is used progressive manufacturing as manufactures that “gradually
incorporate new modern methods in both procedures and goods. The rate of
technology implementation and the ability to use that technology to persist
competitively and add value describe the progressive manufacturing sector.
World Class Foundry as: "A WCM is one which incorporates the latest-gen
equipment with systems to help 'production' based business improvement governed
about manufactured products only, accurately based on a high draw on Product
Exchange." The companies adopting integrated technologies had applied
significantly upper levels of struggle on strategic preparation and team-based
project management and had also attained greater levels of performance through
a broader range of performance factors than other companies (Yasin, 1997).
Technology impacts in Agriculture
Estimates
show that there will be 9 billion persons in the world by 2050. The FAO (Food
and Agriculture Organization) projections say we need a 70% raise in food production
from 2005 levels to food all those persons, and we have to produce, harvest,
distribute, and eat our food better. Our increasing population is becoming
gradually urban: the World Health Organization (WHO) projections that 7 out of
10 individuals will live in a town by 2050. We are not gaining extra resources
like water or land, nor are we achievement more farmers. So agriculture is an
important section and without the involvement of technology in agriculture, we
cannot meet people's needs (Christina, 2013).
Information
technology has improved every field of life such as in production process. In
production field, the technology plays an important character, involving
high-tech products. Due to technology, the work of mints ends in seconds. Many
companies also involved business or management procedures with technology. We
can improve production with the help of technology. As stated earlier, a
declining ratio of farmers in the world has to create more for increasing the
population. We implement technology in agriculture and do fast work then
earlier. We can use technology in transportation, communication and all fields
of life. Thus; Technology has a positive impact on production.
References
Boundless.com. (n.d.). Impacts of Technological Change on
Productivity. Retrieved from https://www.boundless.com:
https://www.boundless.com/economics/textbooks/boundless-economics-textbook/economic-growth-20/productivity-98/impacts-of-technological-change-on-productivity-370-12467/
Christina. (2013, June 13). The Impact of Technology in
Agriculture. Retrieved from http://investeddevelopment.com/:
http://investeddevelopment.com/blog/2013/06/the-impact-of-technology-in-agriculture/
Yasin,
M. H. (1997). Advanced manufacturing technology: Implementation policy and performance.
Journal of Operations Management, 349–370.
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