How is Technology Impacting the Economy?

in economics, the best definition of technology is This is a topic that many people are looking for. is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, would like to introduce to you How is Technology Impacting the Economy?. Following along are instructions in the video below:

“United states economy is in the midst of a rapid transformation. The internet mobile technology. Technology. Social media and big data have unleashed a wave of innovation.

That s creating of new startups and is reinventing traditional industries. We sit down with josh campbell president of tech on imme to find out what a growing economy. Focused on technology means for american and global businesses. And how it is changing our daily life.

So first of all what is tech on imme tech. On amis. A media and events company that we started five years ago. To really highlight a lot of these these topics you talked about sort of these big tech trends and how they re transforming business and society.

And so how do we measure how much a society is being impacted by technology. I mean it seems like such an enormous question and there s so many different types of technology. That are impacting us in our daily lives yeah..


I think you know technology has become ubiquitous right you know every industry as you mentioned if it s the automotive industry or if it s traditional tech has been impacted so it s i think harder to quantify necessarily sort of some of the the economics figure you know the figures but but overall. We are able to look at trends like cloud social mobile. Big data. Analytics and how those are changing.

You know how we live. And how we work. But one of the concerns as any new technology impacts in an industry is how does it impact the status quo or how does it change right so so for example when you when you had tractors come on to field. You had a lot of farmers that were displaced saying well.

I can t i can t employ people doing this because one tractor can do the work of a thousand humans right so how do you economically measure. The net value or net cost of when a technology emerges into an industry right it actually it actually starts you know to uh economists from mit. Erik brynjolfsson and andy mack. If you wrote a book the second machine age which actually goes back to the industrial revolution and looking at the steam engine and how that changed even manufacturing.

So we ve seen over time technology has you know changed this and become you know sort of a lever for progress unfortunate consequence is there s displacement of jobs. But there s also the creation side you know you look at things like the maker movement like the sharing economy. The technology is enabled and provided new jobs..


So for example. The sharing economy ride sharing is something that people in urban centers. Like new york or familiar with and the impact that uber and lyft has had so this is still kind of the first stage of where they re at and how our society could look differently in the next five or ten years. So let s say.

The sharing economy works to its greatest capacity. How is society different 20 years from now are we driving cars less owning cars less owning less apartments because we re air being being at all or what right i think all of the above you know i think that there s the you know we start to see people freelancing more working less full time yeah. The ownership model of cars and transportation radically changes. But you know you look at the side of excess capacity right people have excess capacity.

If it s in their home. With airbnb if it s with taskrabbit you know they have time that they could actually do tasks. So it s not just sort of this this area of low skilled workers that are being impacted. You know really you have people being able to do simple tasks through taskrabbit you know on the other side.

You know you have things like turbo tax that ultimately you know replaced tax preparers and cpas. So i think we ll start to see the sharing economy and and it s hard to quantify. It right now you know there s really a sort of mixed reports on is the sharing economy really contributing towards economic growth like a lot of you know people you know hope it will so it does technology affect different parts of the country..


Differently. Is say for example. Rural rural areas maybe. It s farm agriculture sharing economies in urban centers or hat.

Where s the kind of way to see how technology is affecting different parts of our country in different parts of our economy. Yeah you know it s amazing you start to see these emerging tech hubs all over you know the world you know we think of you know obviously silicon valley new york boston chicago. But then you start to see cities like detroit. You know detroit was the innovation capital of the united states during sort of the the boom in manufacturing.

Now. It s technology and and the private public sort of relationship with people like dan gilbert investing into early stage companies trying to retain talent coming out of great universities and you know those companies are being created as well as all the services that those people need you look at what. Tony shea s doing in the downtown project in las vegas. You know it s not just funding tech companies.

But the restaurants. The dog parks that need you know really that you know that those people ultimately need so you know each city is slightly different. I agree..


But you know i think they re all in some way or another harnessing similar technology. So what are the big growth areas in tech. In the sense. In the late 90s early 2000s and seem that introduction of the internet and all of the services behind it but we also see kind of emerging healthcare or biotech and obviously now we re seeing private companies of front in the sort of space frontier right so where do you see the most activity and the most excitement.

Yeah. I think you know definitely if you look at this idea of data right. I think over time. We ve looked at the creation of data as a proactive thing that people were creating and now as we move into this era of the internet of things or the internet of everything we re sensors are pretty much monitoring everything and creating more data.

We re creating more and more companies and jobs that need to look at that data analyze that data you look at you know positions like you know data scientists that didn t exist 10 years ago. So i think the area of you know increased data you know space is obviously an interesting one you know when you look at the investment especially of some of the tech community like elon musk like jeff bezos. Like you know that are investing heavily into space. But i think the immediate need for people who can understand how to look at this data.

And analyze the data and make actionable insights from the data is is such a rapidly growing trend. All right josh campbell from tech on imme thanks so much thank you ” ..

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