Munich Personal RePEc Archive

Impact of New Technologies on Economy and Society: A literature Review

Driskell, David (2022): Impact of New Technologies on Economy and Society: A literature Review. Published in: Journal of Cyber Security Technology and Management , Vol. 4, No. 3 (21 December 2022): pp. 17-25.

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Technology plays an important role in identifying phenomena in society that are difficult to identify and analyse using more conventional methods. The economic and social technologies are particularly affected by this. As a result, technology has tended to represent reality in low-dimensional fashion without considering its realistic impact. A growing amount of detailed information is available about economic and social phenomena, making tools that exploit this informational abundance particularly useful. As a consequence, virtually every field of knowledge within the social sciences has been opened up to fascinating new perspectives. Many economists and social scientists believe that technological advancements are one of the primary drivers of economic growth in countries, regions, and cities. As a result of technological advancement, more and better goods and services can be produced more efficiently, which is what contributes to prosperity. In this article, the author has attempted to do a detailed study and review of leading books in the field of technology as well as its impact on the economy and society. Understanding the current and future impact of technology and innovation would be extremely beneficial. Technology has changed not only how we produce and connect, but also allows more humans to create and test new objects and ideas, reducing the costs and risks of innovation, and product development, also in developing countries. Collaboration between the public and private sectors is essential to the success of the digital age. To avoid monopolies and protect citizens, governments and regulators must ensure that regulation keeps pace with innovation. The author is optimistic that fears over future employment will subside as we adopt more and more new technologies and enjoy their benefits. We are poised to experience widespread change in the coming years, which makes the future seem more promising.

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