Tag Archives: technology

How history’s ‘economic miracles’ redefined growth and development

Image source: istitutomarangoni.com
Image source: istitutomarangoni.com

Economy refers to the overall wealth of a particular region, city, or nation. It also describes the accessibility of resources based on the performance of both the production and consumption of the goods and services available. This very definition makes economy one of the most important factors that may contribute to the rise and fall of many countries or territories around the world.

As a major player that has shaped the course of history, the concept of economy has helped us understand how it has encouraged development and progress even among the once low-performing countries in the past.  These ‘economic miracles’ marked the stage of a sudden and unexpected strong economic development, much similar to modern-day economic booms in most developing countries.

India’s economic liberalization, for instance, has resulted into a high economic growth in the country between the 1990s and the 2000s. Its initial goal was to shift the economy’s focus on more service and market-oriented approaches, highlighting the important roles played by the private and foreign investments. Some of the policy changes fueled the reduced rates of import tariffs, inspired market deregulations and most importantly, lowered the taxes that invited outside investments.

Singapore, Taiwan, Hong Kong, and South Korea have made their mark in the economic history by dramatically transforming their economy through industrial and high-tech developments during the early 1990s. All these four nations focused huge investments on infrastructure and the development of their human intellectual resources, encouraging institutions to produce technology geniuses that have helped sparked a new technological revolution in Asia and beyond.

The policies that these four technological innovators laid out made them the top high-income, industrialized, and developed nations, giving them an unbreakable competitive edge in the world.

Robots may takeover but these industries will never go obsolete

Technology is evolving fast and while its initial objective was to help humanity live a better and more convenient life, its unprecedented boom in several industries has contributed to a whole new and impressive ways of providing products and offering services, raising a very important question: will technology change the way we do work and will it finally replace human labor?

 

To acknowledge the role of technology is shaping the labor industry is no longer a product of fiction. In fact, some have predicted that many jobs in several industries will become obsolete in the future while others, will continue to develop and prosper. So which industries will never go obsolete? Here are some of them:

 

Food production

Image source: rubios.com
Image source: rubios.com

The diverse nature of the food industry is what secures it from becoming obsolete. Instead, it will evolve and grow with technology, helping with production, processing, packaging, preservation, and agriculture, etc. Experts have predicted that the long-term demand for food and its sectors will be strong and stay intact unless humans can finally think of a substitute source of sustenance, energy and nutrition.

 

Medicine and healthcare

Image source: petersonhealthcare.org
Image source: petersonhealthcare.org

Humans are constantly exposed to numerous health risks, which means that developing new medicines and equipment to treat various conditions will never cease. Players in this industry are in constant search for the best solutions to increase life expectancy and keep everyone healthy. As such, the medical field has been one of the strongest and most resilient of all industries.

 

Specialized services

Image source: LOM Financial
Image source: LOM Financial

Services requiring the specialty of professional workers are here to stay. No matter how advanced robots may become, it can never replace labor that requires skills, creativity, and human touch such as management consulting, financial services, legal matters, engineering, information technology, architecture, and design.

 

Entertainment and media

Image source: nyfa.edu
Image source: nyfa.edu

Music, television, games, publishing, advertisement, motion pictures, and everything that the industry has to offer will grow in demand and secure its place in the high-tech future. The demand for these products and services currently delivers huge revenues to many countries around the world and it will continue to do so – thanks to both human talent and technology, the entertainment and media industry will endure to create, innovate, and become more diverse in the years to come.