Introduction: Advancement in science and technology is a pre-requisite to econom
1.
prosperity. Economic prosperity is a broader phenomenon which does not limit to mere economic growth 2.
3.
Advancement in science and technology creates a conducive environment for economic growth and prosperity:
. It plays an integral role in job creation and GDP growth.
1
ii. It ensures formalization of the economy.
iii. Industrial growth and agricultural advancement cannot be imagined without advancement in science and technology.
iv. It helps in improving governance structure which creates a favourable environment for
economic growth.
Protection of environment is necessary to ensure a sustainable economic growth and with the help of science and technology, environment can be protected.
Another essential ingredient of sustainable economic prosperity is of conservation of
resources for next generations. Science and technology ensure sustainable economic prosperity by using alternative
sources of energy. It is evident from the success stories of various countries of contemporary world that
advancement in science and technology has a vital role in ensuring economic prosperity. The United States of America has become economic superpower owing to its extraordinary advancement in science and technology.
ii. Success stories of China and Japan are good examples in this regard.
ESSAY
Advancement in science and technology creates a conducive environment for c prosperity. Economic prosperity is a broader phenomenon which entails economic grow protection of environment and conservation of resources for the next generations. Advanceme in science and technology plays a crucial role in materializing all these aspects of eco prosperity.
It ensures economic growth by developing a skilful labour force and new avenues for job creation. It helps in formalization of the informal segments of the economy. Moreo industrial growth and agricultural advancement cannot he imagined without advancemen science and technology. In addition to this, governance structure can be improved with the help of science and technology. A good governance structure is essential for economic property Besides governance structure, protection of environment is necessary to ensure a sustainable economic growth and with the help of science and technology, environment can be protected Another essential ingredient of sustainable economic prosperity is of conservation of resources for the next generations.
This can only be ensured by the use of science and technology. Above and beyond, it is evident from the success stories of various countries of the contemporary world that advancement in science and technology has a vital role in ensuring economic prosperity. The United States of America, Japan and China are few glaring examples in this regard. On the other hand, unfortunately, Pakistan lags behind in the field of science and technology. As a result, t economic indicators present a sorry picture. It needs to invest in education and Research and Development (R&D) to achieve advancement in science and technology which is a gateway to economic prosperity for a country. To begin with, it is imperative to understand the term economic prosperity and what is
required to materialize it. Economic prosperity is a broader phenomenon. It is not limited to economic growth alone. It entails other ingredients as well which ensure a sustainable economic growth. A sustainable economic growth means a growth in GDP along with protection of environment and conservation of resources for the next generations. This is because of the reason that environment needs to be protected; otherwise, at a certain time in the future when the environment had been damaged completely, the economic growth will stop as well, thereby, a save environment needs to be ensured for a sustainable economic growth. Same is the case with natural resources. Natural resources are used as a raw material. They need to be used wisely. Otherwise, with their depletion, economic growth will go to a halt as well. Advancement in science and technology can ensure economic growth along with protection of environment and conservation of resources for the next generations which would eventually lead to economic prosperity.
Advancement in science and technology creates a conducive environment for economic growth. The foremost role of science and technology in this regard is that it develops a skilful labour force along with new avenues of job creation resulting in an increase in GDP and per.
capita income: by creating new
Advancement of science and technology opens new avenues for job opportunities industries. The opening of Silicon Valley is an outcome of advancement in science and technology which generates job opportunities for millions of people across the globe and carns billions of dollars for the United States of America. This all speaks volumes about how advancement in science and technology is a gateway to the economic prosperity of a country. Moreover, advancement in science and technology plays a vital role in formalization of the economy. This is because of the fact that industries which work on the basis of science and technology cannot earn profit up to their maximum potential in the informal sector of the economy. Therefore, they have to register themselves into formal economy. The other such industries like employees,
suppliers, creditors and vendors have to register themselves into formal economy. Alone these lines, economy of a country moves towards formalization which is essential for economic prosperity. This is another illustration that how advancement in science and technology is the gateway to the economic prosperity of a country. Besides formalization of the economy. industrial growth and agricultural advancement cannot be imagined without advancement in science and technology.
For industrial growth, new machinery and innovative technologies are required on continuous basis advanced in science and technology can fulfil this requirement. Otherwise, it would be impossible country which is for a country which is backward in science and technology. As a result, its industry would not flourish which would be detrimental for economic prosperity. Secondly, advancement in science and technology helps in increasing agricultural production. India owing to its advancement in science and technology has enhanced its per hector yield. This shows that how advancement in science and technology is necessary for industrial and agricultural growths which are the backbones of economic prosperity. Furthermore, advancement in science and technology helps in improving governance
stakeholders of
structure. A good governance structure provides a favourable environment for economic
prosperity. Advancement in science and technology is helpful in integrating various
departments of government. This integration plays a crucial role in the efficient and effective
utilization of resources which ensures good governance and effective public service delivery. A Country having a good governance structure provides equal opportunities to all. This encourages every individual to work hard and utilize these opportunities. In such a favourable environment, the citizens are able to realize their potential and contribute optimally towards the economic prosperity of the country Moreover, protection of environment is necessary to ensure a sustainable economic growth and with the help of science and technology, environment can be protected. One way of protecting environment would be to stop deforestation. This cannot be stopped because the papers on which students write and officials make summaries are made up of wood. Unless an alternative to “paper” is available, the use of wood fore paper-making cannot be stopped and hence, deforestation will prevail.