Professionals in the field of engineering think that technology has stagnated as innovations slacken. On the other hand, economists think that this may be a result of the diminishing impact of today’s innovation in comparison to those from the past (The Economist 1). According to these professionals, the general technological stasis is behind the rich world’s economic doldrums. According to their proposition, the technological drivers used to steer the developed world into great growth in the past had played themselves out, and thus causing stagnation. This may be proven by the fact that while the developed world stagnates, the developing world still grows its productivity and income because it has not exhausted the use of new innovations yet (The Economist 1). According to these professionals, the stagnation in the developed world is evidenced by statistical evidence, which indicates very minimal growth gains from intensive growth, which is technologically powered. Real output per person and productivity have generally declined in period where technology driven growth has been exhausted (The Economist 1). The decline in filed patents and new innovations is also another cited indicator that shows a general decline in innovation and technology development. The professionals show that there is an ever decreasing level of technological contribution to growth even though the number of people in research and development is ever increasing. The third argument in support of the decline in technology comes from the fact that there is an evident stagnation in some fields of technological advancements currently in comparison to the past (The Economist 1).
On a contrasting view, some professionals view the decline in productivity not as a result of slackened technological advancements and innovation, but rather as a gap between the innovation process and the attainment of the full utility of a technology. Additionally, those holding a contrasting view cite other factors as the possible causes of a slow-down in productivity (The Economist 1). The cite factors such as legislation, globalization, and energy as possible influencing factors that could curtail the full realization optimal increase in productivity. As such, the low productivity realized from technologies may not be a problem from the technology, but other related factors such as legislation, which influence its implementation (The Economist 1).
On a personal opinion technology driven growth is the most significant growth because it is intensive in nature. However, the fact that its contributions to growth can be played out requires society to develop not only a framework to encourage technological innovation output, but also to research into factors that can help the full realization of an innovation’s potential within the shortest time possible. This will help overcome the challenge that comes from increased research and development input that presents little output. Additionally, it can help reduces external factors that hinder the fastest and fullest realization of a technology’s potential in enhancing productivity.
The Economist, “Innovation Pessimism: Has the ideas machine broken down?” The Economist, 12 Sept. 2013. Web. 23 Sept. 2013.
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