Economy Technology Essay

The technology of advanced countries by definition is capital-intensive, whereas the technology required in most developing countries has to be employment-intensive. The transfer of capital-intensive technology into developing countries is likely to worsen the employment position as such technology would deny the unemployed persons the gains of economic growth through the adoption of capital-intensive techniques.

Sometimes it is argued that developed countries while entering the developing countries must evolve an appropriate technology suitable to their environment and should not transfer their highly sophisticated technologies.

Advanced industrialised countries are trying to sell their technology to less developed countries.

Technology may be considered as improving something already being done, satisfying a need long recognised and creating the possibility of a new need.

There may be invention or innovation in this process.

Those who are of moderate views are of the opinion that the transference of western technology may not be feasible in toot, yet there are certain areas like the generation of power where capital-intensive technology may pay desired dividends.

But the fact remains that both the views ascertain that import of technology needs careful handling.

In the last few decades it has become quite clear that no economic development would be possible without higher technological input available in the society.

Though our planners have pointed out that capital must be created and selective capital be invested in growth for development of the- economy if the country wants to achieve a desired rate of growth.

The scope of technology may be explained as a resource which comprises knowledge, skills and means for using and controlling the factors of production to produce, maintain, and distribute goods in services for which there is an economic and social demand.

Under this broad definition various sources of technology transfer can be grouped under the following categories: Foreign direct investment, turn-key construction and co-production. Licensing of patents, trade-marks, management and equipment, maintenance, risk contracts for oil drilling.

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