Technology and Society - Economics and Technological Development

Economics and Technological Development

In ancient history, economics began when occasional, spontaneous exchange of goods and services was replaced over time by deliberate trade structures. Makers of arrowheads, for example, might have realized they could do better by concentrating on making arrowheads and barter for other needs. Clearly, regardless of goods and services bartered, some amount of technology was involved—if no more than in the making of shell and bead jewelry. Even the shaman's potions and sacred objects can be said to have involved some technology. So, from the very beginnings, technology can be said to have spurred the development of more elaborate economies.

In the modern world, superior technologies, resources, geography, and history give rise to robust economies; and in a well-functioning, robust economy, economic excess naturally flows into greater use of technology. Moreover, because technology is such an inseparable part of human society, especially in its economic aspects, funding sources for (new) technological endeavors are virtually illimitable. However, while in the beginning, technological investment involved little more than the time, efforts, and skills of one or a few men, today, such investment may involve the collective labor and skills of many millions.