On the interactions of economics and technology

Abstract

The purpose of this article is to examine some of the aspects of technological advancement as a source of economic development. Technological unemployment is discussed and arguments against its importance are reviewed. The suggestion that technological advancement will lead to a class division between those educated or trained in technical skills and those who are not is considered and rejected. The importance of free trade in both transmitting and utilizing technology is discussed. The role of democratic institutions and the upholding of human rights in the economic advancement of the postwar years is considered briefly. Finally, it is suggested that a combination of democratic institutions, human rights, free trade, and technological progress will develop unifying bonds among nations.