Examine A) the role of education and technology in economic development, B) the concept of appropriate technology and C) the process of technology transfer and the role of transnational corporation (TNC) in this process.

Education and technology in economic development

2005

Education and technology in economic development

I . Introduction

Nowadays the issues of the importance of education and technology in the development of countries has become incredibly high . If in the previous years this question was not discussed as much , it stands very sharply now . Every country wants to find ways to be competitive in the global market . As economies of countries get more and more integrated , it becomes difficult for them to find comparative advantages to keep a decent place in the global

economy . More and more countries become powerful nowadays . It becomes more difficult for old economies like the US and European countries to fight with emerging economies of Asian countries which experience an economic boom . In to continue growing , they need to concentrate on the most important factors of economic growth which can be applied at present . Education and technology offer great perspectives for their growth . There can be no better investments for countries nowadays than in education and technology

One of the reasons why some countries have incredible economic growth nowadays is that they have invested many resources in education and high-technology industries . As long as the country has a very high intellectual potential , it will get a competitive place in the world market . Globalization dictates major changes in the development of countries . In to remain strong , they need to update their technologies and educational system

II . The role of education in economic development

1 . Investments in education as intellectual investments

The role of education in economic development is very high . Without highly qualified employees , there is no way for a country to have a competitive economy nowadays . Investments in intellectual capital have become very large in the last years . If in the previous years the power of the country could be estimated through the amount of arms they had at present intellectual capital has become of the major factors of the country 's competitiveness . Among real , financial , and intellectual investments most companies will choose to invest in intellectual capital because they can bring the highest rate of return . One of the most successful fields nowadays are fields with high technology , and those countries who have the most highly-qualified employees have the highest economic growth . The time when uneducated people could bring the economy up have passed . At present , only educated labor force with unique skills serves as an important factor of the country 's development

Why is education so particularly important in economic development nowadays ? Many positions require higher education and particular skills Many industries have appeared which require higher education of employees , for example computer industry , digital technologies . The more people with higher education there are in the country , the higher is the development of industries in it . For example , one of the major reasons of US high economic growth is a large number of highly-educated people working in this country . In some way , it is caused by the inflow of workforce from other countries . Many...