Role of Information Technology and Its Perspectives in Research and Development of Economy

Role of Information Technology and Its Perspectives in Research and Development of Economy

Bhawna Yadav, Anna Liza R. Alfonso
Copyright: © 2022 |Pages: 10
DOI: 10.4018/978-1-7998-8705-8.ch008
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Abstract

Technology is widely acknowledged in economics as the primary source of economic development. Technological advancement enables more efficient production with more and superior products and services, which is essential for development. Technology encompasses a vast body of knowledge and instruments that make it easier to make efficient and creative use of economic resources to generate goods and services. Technological advancement is necessary for economic growth and development, and the more sophisticated the technology, the faster the local and global economies may improve. Globalization further fueled and results in increased importance of social and economic analysis and also necessitates coordinated development efforts using technology.
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Objectives

  • 1.

    To study the Research and development of IT.

  • 2.

    To study the role of IT in economic growth.

  • 3.

    To study the role of IT in Research and Development with reference to economic growth.

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Literature Review To Show The Role Of It In Economic Growth

Information Technology and the Japanese Economy by Dale W. Jorgenson and Kazuyuki Motohashi, 2005, In this paper they compare sources of economic growth in Japan and the United States from 1975 through 2003, focusing on the role of information technology (IT). they adjusted Japanese data to conform to U.S. definitions in order to provide a rigorous comparison between the two economies. The adjusted data show that the share of the Japanese gross domestic product devoted to investment in computers, telecommunications equipment, and software rose sharply after 1995. The contribution of total factor productivity growth from the IT sector in Japan also increased, while the contributions of labor input and productivity growth from the Non-IT sector lagged far behind the United States.

Key Terms in this Chapter

IT: Use of any computers, storage, networking and other physical devices, infrastructure, and processes to create, process, store, secure and exchange all forms of electronic data. The commercial use of IT encompasses both computer technology and telecommunications.

Economic Growth: Increase in the production of economic goods and services, compared from one period of time to another.

Research and Development: Activities that companies undertake to innovate and introduce new products and services. It is often the first stage in the development process. The goal is typically to take new products and services to market and add to the company's bottom line.

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