Economy Technology Essay

Economy Technology Essay-80
In the last few decades it has become quite clear that no economic development would be possible without higher technological input available in the society.Though our planners have pointed out that capital must be created and selective capital be invested in growth for development of the- economy if the country wants to achieve a desired rate of growth.Technology may be considered as improving something already being done, satisfying a need long recognised and creating the possibility of a new need.

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One is the elements that are ’embodied’ in the original machinery and equipments and the second is the ‘disembodied’ components which is subsequently added by innovation in the recipient country in the fields of production, management, marketing, raw materials etc. There is evidence to show that the rate of technological progress could be stepped up by the disembodied component even with existing technology.

Few people have an idea of what is discussed under the label of technology.

Location of R&D operations in foreign countries, joint R&D projects.

Development assistance under bilateral and multilateral aid programmes, international executive corps, employment of foreign technicians.

Transfers through international tender invitations, acquisition of companies, Government to Government agreements etc.

The great majorities of developing countries including India is poor and suffer from over-population and consequent higher rates of unemployment.

The scope of technology may be explained as a resource which comprises knowledge, skills and means for using and controlling the factors of production to produce, maintain, and distribute goods in services for which there is an economic and social demand.

Under this broad definition various sources of technology transfer can be grouped under the following categories: Foreign direct investment, turn-key construction and co-production. Licensing of patents, trade-marks, management and equipment, maintenance, risk contracts for oil drilling.

Those who are of moderate views are of the opinion that the transference of western technology may not be feasible in toot, yet there are certain areas like the generation of power where capital-intensive technology may pay desired dividends.

But the fact remains that both the views ascertain that import of technology needs careful handling.

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