The Slump in Innovation and Technology

The Slump in Innovation and Technology.

The Slump in Innovation and Technology

Innovation and technological advancements have been regarded to be at the center of growth and development in the globe. However, economists disagree with this notion and suggest that economic growth requires more than innovations. Unlike in the past when innovations were depended upon to offer much-needed solutions to various challenges, the impacts of current innovations are mildly felt. The rates at which technological innovations are being dished out have also decreased significantly. The provocative question is, has the creation of new ideas and innovation reached a new low to the detriment of the global economies? It is true that despite continuous technological innovations such as flat-screen dazzle and high-bandwidth pizzazz, the economies of most developed countries are continuing to decline including the USA, England, and Germany (“Has the Ideas Machine”). The worst thing is that the latest technologies have not created new employment opportunities as it used to happen in the past. Better ways of doing things as presented by the new technologies have not impacted positively on the society.

In spite of new technology in the Healthcare system, life expectancy has declined instead of rising, cancer, diabetes; hypertension and other diseases continue to kill millions of people. More so, benefits that emanated from education have drastically reduced as compared to the past. This raises concern whether the current learners have lesser intelligence than their predecessors were. This is because most of the outstanding technologies were hatched in the past and their impacts were phenomenal.

From my point of view, the current innovations are trying to deal with challenges that are more complicated and gigantic in scale than those that existed in the past. For instance, environmental pollution can be blamed for some of the illnesses that have become resistant to medicines as well as low life expectancy. Moreover, incomes from innovations are remaining in the hands of the few who are still wealthy. Could that be the reason why the impact is not directly felt in the economy? Despite the author downplaying the impact of the innovations, some of the current innovations have had a significant impact including driverless vehicles, drones, new computer programs that have enhanced computer security and increased literates across the world.



Work Cited

“Has the Ideas Machine Broken Down?” The Economist, 1 Jan. 1970, Accessed 11 Feb. 2017.


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The Slump in Innovation and Technology

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