The rate at which technology evolves has had a significant impact on our daily lives. Dr. Ayman Kandeel knows that technology ultimately impacts every aspect of our daily lives, including different economies worldwide. Some economies have thrived thanks to technological advancements, while others have seen a negative impact. Continue reading to discover a few of the key ways that technology impacts and changes economies worldwide.
Dr. Ayman Kandeel Details How Technological Advancement Can Help or Hurt an Economy
Technological advancement can help countries with the resources to afford new cutting-edge technology by increasing efficiency and changing how warehouses and distribution centers operate. Dr. Ayman Kandeel is onboard with this approach and application of said technology. However, he warns that this approach hurts economies that cannot keep up with these advancements. When certain parts of the economy are humming along, inevitably, you find circumstances where the use of outdated technology will be incompatible when we need to work together.
Dr. Ayman Kandeel Explains How Automation Can Transform the Types of Jobs Available
Dr. Ayman Kandeel says that one of the more unique ways that technology has impacted economies is by changing the available jobs. Technology has created more automation and streamlined workflows. For example, if you look at the U.S., many stores are installing self-checkouts. You scan your groceries rather than relying on an employee to do so. This reduces cashier jobs but creates new jobs for people to manufacture these self-checkouts, program these systems, and repair them. As such, the economy changes as the jobs change.
Dr. Ayman Kandeel Lists Ways Technology Can Change an Economy Altogether
The final way that technology is changing economies is by allowing people new opportunities. For example, technology and the Internet have made it so that people can reach new markets. People in other countries can interact with people in other countries, giving them a chance to be bloggers or sell their unique handmade products. Dr. Ayman Kandeel says that technology has allowed people to connect in new ways, impacting and economies as it puts people in touch with resources they never had before.
Dr. Ayman Kandeel knows that many people do not realize how big of an impact technology has made throughout the world, or they only view the most fundamental impacts. Technology has forever changed the world we live in and has impacted economies both negatively and positively. As technology continues to change and evolve, he implores you to watch economies and see how those economies change as technology evolves.
