Technology And Economic Growth. When Studying Economics,

Technology and Economic Growth When studying economics, one often finds periods of growth as well as periods of recession. There have been many reasons for these highs and lows throughout history. The United States has experienced many recessions dating back to the 1929 depression under Herbert Hoover to the most recent 2008-2009 depression caused by failing housing markets and malpractice (Amadeo,2017). However; the U.S. economy has always recovered and has flourished after recessions. One of the main contributors to the revamp of the economy has been the advancement in technology. Technology is important when dealing with the economy because it provides an avenue for growth, strength, and opportunity. Also, â€Å"Technological progress rains†¦show more content†¦So, â€Å"Every great period of innovation has produced its share of labour-market doomsayers, but technological progress has never previously failed to generate new employment opportunities† (The Economist s, 2014). These new employment opportunities are created for more skilled and intelligent workers which can be an issue since some of the workforce is not skilled enough to do these jobs. However, these allow those less skilled workers to flourish in careers more compatible to them and free from technology advancements. These jobs may look distinctly different from those they replace. Just as past mechanisation freed, or forced, workers into jobs requiring more cognitive dexterity, leaps in machine intelligence could create space for people to specialise in more emotive occupations, as yet unsuited to machines: a world of artists and therapists, love counsellors and yoga instructors (The Economists, 2014). This demonstrates that technological advancement is not just a push for machines but a push for emotive occupations to increase in popularity and advance in its own right. 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