Engineering and technology their relationship with economic development

engineering and technology their relationship with economic development

The development and economic well being of a nation is dependent on inferences and co-relation of the various natural phenomena based on Pathfinder Tags: Economic Development engineering science technology. Cebr report: Engineering and Economic Growth ( MB) seeking new recruits with engineering and technology skills, with the highest demand in the relationship between engineering and global economic development. In the last few decades, innovations have played a major role in economic growth and development of the modern economies. Extensive Research and.

These have helped the consumers to maximize their satisfaction, the producers to maximize their profits, and the society to maximize its social welfare.

Engineering Tied to Economic Development | ASCE

Innovations in the field of economics at the macro level like the theory of National Income, Government Budget, Banking, Aggregate Demand and Supply etc. Innovations in Engineering and Technology Though innovations in the field of economics have directly contributed to the growth and development of the modern economies, the rapid innovations in the field of Engineering and Technology have also contributed a lot in the economic growth and development of the modern economies [ 3 ].

Rapid innovations in the field on Engineering and Technology have helped increase the production capacity and efficiency of the modern economies, at the same time, minimizing the cost of production. This has led to an increase in production activities in the modern economies.

As the production of high quality products has increased, consequently the market supply also has increased.

engineering and technology their relationship with economic development

Consumption of products like Computers, Mobile Phones etc. The processes of Globalization, Privatization and Liberalization are now common to most modern economies.

  • New global study proves link between engineering and economic development
  • Interplay of Economics and the Role of Engineering and Technology

This is the result of rapid innovations in the field of technology which have made the world a global market, and have thereby induced economic growth of the modern economies.

The developments of Patents, Formation of Cartels, and Research and Development in the fields of technology are the catalysts culminating the economic growth of the modern economies.

Science and Technology for Development

Though Capital Accumulation also plays a role in growth and development, the primary driving force is not Capital Accumulation. There are many worldwide examples to prove that innovations have led to economic growth of the modern economies. The semiconductors and Information Technology in Silicon Valley, California, biotechnology in Genome Valley, Hyderabad, India and automotive engineering in Germany are some well know examples of innovations in the field of engineering and technology, which have led to economic development of these modern economies.

Finally, it would not be wrong to conclude that innovation has been the driving force behind economic growth of the modern economies in the last few decades. It will have an even greater role in promoting economic growth in the coming years due to advancements in technology and Engineering.

In the years to come, many new economic laws and theories are expected to be formulated, which would help the modern economists to make well planned decisions so as to maximize the economic growth and development of the economy.

The rapid growth in the field of Technology is bound to generate more and more employment opportunities which require skilled labor for operation and maintenance of these modern machines and equipments. This would generate more Human Capital in the modern economies, with people who are innovative, knowledgeable, and think out of the box.

Engineering Tied to Economic Development

The report therefore predicts that India will go through its own version of the infrastructure and construction boom that continued for two decades and is now gradually easing in China, and that demand for engineering expertise and workers will rise in line with this boom.

Vietnam appears 38th in the Engineering Index as a result of its relatively strong performance in gender parity and engineering exports. Relative to the other countries in the Index with a similar GDP per capita and a similar level of investment per head, it scores highly for engineering strength, suggesting that it is already punching above its weight.

engineering and technology their relationship with economic development

In the short term, higher rates of GDP growth will stimulate further investment in engineering and therefore boost employment and salary levels. In the longer term, increasing engineering strength through other indicators such as the number of engineering graduates will play an important role in continuing Vietnamese GDP growth.

Gaps in global engineering data The study was commissioned by the Royal Academy of Engineering to understand the relationship between engineering and global economic development and to provide a worldwide comparison of potential growth in and need for engineering.

One important finding from the research process was that there is a lack of consistent disaggregated data about engineering across the world, with no occupational breakdowns for engineering as a whole in many instances, and a significant lack of data for specific engineering disciplines. This data is essential, both to allow the engineering community to understand the number of engineers needed for the future and the specific skill sets required, and to help policy makers make informed decisions that will help achieve sustainable growth.

David Whitaker, Managing Economist at Cebr said: The Engineering Index pulls together data from 99 countries to comprehensively map engineering today: For the first time, this report shows that there is a direct link between engineering capability and economic development across the world. It provides analysis, forecasts and strategic advice to major multinationals, financial institutions, government departments, charities and trade bodies.

engineering and technology their relationship with economic development

This report, by Cebr and commissioned by the Royal Academy of Engineering, considers the impact of engineering on economic development on a global scale. For the first time, it brings together all available data from 99 countries to paint a picture of global engineering: The full report is available on request. The Engineering Index is a composite index, combining various engineering-related fields as components into a single, directly comparable index value for each country.

This single index value then enables us to rank countries by their strength in engineering. The Engineering Index has been constructed using data from 99 countries from across the globe.