There are several pertinent issues affecting the world today in May spheres of human life. The issues currently experienced in the world from an economic perspective may include environmental degradation, global warming, trade liberalization, recession, technological development, unemployment, austerity measures, and globalization amongst many other issues.
Technological and science development has come with many challenges that require humans to be on a problem solving mode always. Henry Latiz has interpreted business trends for people in America for the last decades and has travelled extensively in the world to have on spot studies of world economic conditions and business tides across the world. Latiz book analyses most economic fallacies that prevent are so prevalent, that matters touching on practical life issues, and how the economic fallacies are consistently wrong.
While technology has been the main, enabling factor uneconomic growth and development, it is also unavoidable based on the advantages and disadvantages. Technology has contributed to job loss, relationships and other issues, however, the advantages of technology outweigh, the disadvantages making people to praise technology rather than blame it. Advances in technology did not begin material objects bit as ideas. For example, the thought process has contributed to the development of machineries and other tools that make technology a part of human life. The basic s of technology is strong of mathematical equations and data links. These may have no real meanings to the average person, but is pertinent to note that they were the basis of technology that is nowadays making quantum contribution to both economic and human development (Schiff, &, Schiff, 2010).
In fact, from the beginning of civilization, technology has made traveling, transportation, production, and communication much easier. The factors above have lead to the development of macro and microeconomics of various countries key amongst them is the world superpowers and complicated world economies. However, technology has not failed to draw many controversies based on the enabling power it gives to its users. For exams, the crimes waves in various countries have majorly been associated with technology. The use of the internet has increased thereby increasing crimes related to technology; for example, cyber crimes have increased. Social media has also contributed to the development of commercial institution and entities but has also led to the creation of social engineering. It is also necessary to note that the technologies of today may not last. While the main area of interest of technology is economic development. It has highly contributed to the development of industrial development. For example, key world economies are developed on technology; without technology, the agrarian revolution would have remained primitive, the level of reduction would have been negligible considering the current population explosion (Ludwig von, 2010).
The global market is becoming a knowledge based economy where individual and organizations must possess certain skills in order to survive. The technological development is becoming exceedingly prominent and is the driving force of the world economy. Information technology in no particular has changed the way people work. In classical economic, worker was the productive force of industries, but now computer do virtually everything. Trade has become easier through the innovations in e commerce, where data and information can be shared with a large audience, which is faster and convenient.
As much as technology is developing in the world, and changing perceptions of business, there is still the issue of the information gap, where the developed countries are quite ahead, and poor countries are lagging behind. Technology accelerates the pace of development in science, economics, business, and research Technology has its negative effects. These negative effects may include world issues such as cyber crime, cyber terrorism, and other technology related crimes.
As much as technology is developing in the world, and changing perceptions of business, there is still the issue of the information gap, where the developed countries are quite ahead, and poor countries are lagging behind. Technology accelerates the pace of development in science, economics, business, and research Technology has its negative effects. These negative effects may include world issues such as cyber crime, cyber terrorism, and other technology related crimes. Some of these technology savvy criminals are not easy to detect. Sometimes the different they are favored by different legal systems, as their crimes spans the whole globe. Technology also has some adverse socioeconomic influences, such as certain jobs that were performed by humans, have now been replaced by machines (Hazlitt, 1946).
Many strides have been made in the field of education where learners do not have to go to conventional schools. The idea of e-learning and distance education have significantly reduced cost and brought a lot of convenience in the learning processes. Learning can be done through computer aided learning, where learners do not have to have a human tutor. Technology enhances communication, with the development in the telecommunications sector. Technology is accelerating the development in almost all the sector of the economy including health, community service, and conflict resolution. Economics seems to fuel more difficulties in these worlds issues, by providing fallacies which causes inconsistencies, ambiguities, and confusion. Mathematical equations are exceptionally clear in their steps, but some doctrines such as the Keynes, some modern theories have been developed that have come to enhance ambiguities in these models. Today the economy is not so much concerned with controls over such commodities such as coal, since new forms of energy have been developed.
The concerns of environmental conservation have brought about new ideas such a green chemistry. Technological changed has entirely altered warfare. Some economic doctrines have become outdated and cannot be used to solve the current world problems. The main lesson in learnt is that economics is haunted by more fallacies, which is not by accident. Sciences such as mathematics and physics were exceedingly difficult, but now with advances in computing, they have significantly become easier depending on the economic interest of the group in question. Economic conditions affect the state of policy rulings. The fate of those groups that are hurt with the advancements in technology, cannot be altered as the balanced benefits to the whole globe is enjoyed by comparatively few people who have certain economic advantages. The classical economists only considered the short term effects, ignoring the long term effects of technological advancement. Most often, the poor economists present their views in the public better than how the smartest ones present their truths. The worst thing is that these fallacies go unrecognized, unless practical example s is used to illustrate them.
The current knowledge based economy has issues such as intellectual property rights; this issue has its advantages and disadvantages depending on the economic level of the group concerned. Today money is exchanged through an electronic medium; the classical economists like John Stuart Mill did not realize that today forms of exchanges will not only involve money. They had this monetary veil to the underlying realities of today’s technological world (Gans, et al, 2012).
Technology has made noble subjects such as mathematics to be misused in economics. They denounce this fact by excesses in the weaknesses of liberal economics, and theoretical economics. Mathematical models that have been developed, such as structural and historical evolution of societies, prevention of crises, long term thinking, and psychological phenomenon concentrate on normative marginal analysis and equilibrium models. These mathematical computer simulation modeling is confusing classical economic theories, as the world economy is going much into debts, and decreases in GDP of most poor countries.
Some problems cannot be solved by advancements in technology. People who are unemployed do not appreciate the development in technology. Technology does not remove sadness or increase happiness in people, but their emotional and psychological status. Technological development has its perils and its advantages depending in which group someone or country belongs. The political and social factors are highly affected by advancements in technology.
Henry Hazlitt (1946). Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics. Three Rivers Press.
Gans. J, King. S, Stonecash R. and N. Mankiw, (2012). Principles of Economics (Fifth Edition), Gengage Learning, 2012.
Ludwig von Mises, (2010). The Theory of Money and Credit. NY: Create Space.
Schiff, D, &, J. Schiff, (2010). How an Economy Grows and Why It Crashes. John Wiley and Sons inc. Hoboken. New Jersey
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