The Effects of Technology on American Economy

The computer and telecommunications industry has been advancing tremendously in the last decades in United States. Statistics reveal that nearly half of the American population works in sectors that produce or use information technology. In the future, almost everyone in the economy will be utilizing technology in one way or another. As a result, technology will have positive effects on the economy.

Creation of Jobs and Improving the Productivity of Workers

Many Jobs have been created in the ICT industry. Much as some people have indicated that technology leads to undesired shifts from the labor intensive industry to capital intensive ones, there are many job opportunities that have been created through the platform. Entrepreneurs have been able to create products and market them without necessary using a lot of capital.

Efficiency has also been achieved at the work place. Most employers have been able to outsource work through the online platform and hence cutting down on costs and at the same time taking advantage of the expertise from various professionals across the globe. Communication and storage of data at the work place has also been made possible through technology. In the end, there has been a reduction of unemployment rates and achievement of productivity at the work place, which further stimulates economic growth and development.

Expansion of Markets and Provision of Innovative Products to the Consumer

Many business people in the United States have been able to market their goods online. In so doing, they have reached to the international market with ease. Foreign direct investment results from such marketing and advertising. Multinational companies can also be initiated through the efforts. In the end, GDP growth becomes inevitable. Further still, competition for business people has become stiff to the extent that many individuals have had to come up with innovative products. The consumer benefits in the process because they can get quality products at a competitive price. Moreover, they have the chance to get a wide range of products with ease.

With technology, it is possible to get new information and enhance skills. People turn to the internet systems to find new information. Many people have been able to complete their degree programs online. In the process, they do not have to spend a lot of money in studies and traveling because every resource they need is provided on the platform. The American population has therefore become skilled and productive in life. Indeed, there have been many positive effects of technology on American economy.