Science, Technology and Innovation and their Impact on Economic Prosperity

The last few decades have seen an exponential growth and advancement in science and Technology. These changes have been brought about by innovative and creative thinking in the same sector. It saw the rise and prosperity of nations in Trade and other societal relations. This article attempts to expound the scope of this consideration.

Many countries have bolstered economic activities by just trying to concentrate their resources on the development of their faculties responsible for science, technology and Innovations. If at least 3.5 percent of a nation’s total Gross Domestic Product (GDP) channelled towards investing in innovation, science and technology, new milestones and heights could achieve in development that up to date considered out of reach. This statement is according to the Thomson Reuters Foundation, London.

Over the years, humans have toiled to alleviate the social and economic problems ailing their nations, and often returning to the same point. Science studies can understand the root of most of these challenges, and innovatively use available resources towards the solutions of the same. Problems such as poverty, inequalities across different social classes, lower income, and health issues minimised if not eliminated by the use of Science, Technology and Innovation (STI). Scientists issued this advice to the U.N Secretary, Ban Ki-moon concerning sustainable development.

A Scientific advisory board comprised of 26 members said that to break the poverty cycle and to achieve post-2015 Sustainable development goals are some of the objectives many countries would want to accomplish, but they are only wild unachievable dreams without the realisation that only ambition while setting minimum national target when setting investments for STI.

“Although a focus on of 1 % of GDP for research and growth is recognised high by many government authorities, nations with robust and efficient technological innovation and development systems invest up to 3.5 % of their GDP.”

The business of making money, for instance, cannot be left for the rich alone. The mobile platforms which are now almost accessible and affordable to people from all walks of life provide several ways in which the same individuals can use to make a living. Some of these include mobile gaming and trading platforms, such as CMC Markets. These players in the industry, in their niche markets, can be the leaders in the game-changing trend, to bring prosperity by bridging the gap between the wealthy and the have-nots. Shutting the difference between the developed and the developing nations are dependent on closing the gap on technological innovation, technological innovation and advancement first, the Panel said in documents released in New York.

With necessary commodities of basic human survival (such as housing, power) becoming scarce due to a falling economy, use of available resources to come up with secondary solutions is at an all time high. Environmental concerns are also hiking, and the eyes of the whole world are looking for scientific solutions to keep this problem at bay. By employing the use of Science, technology and innovation, a society can help eradicate issues such as limited access to energy, solving the ever recurrent problem of food shortages, insecurity of drinking water, loss of biodiversity as well as climate change, according to the scientists.

With advancements in technology, information and therefore education can be easy to access among the people, and the phrase “Knowledge is power” couldn’t be more powerful. Information of all kinds is accessible to all humans on as many platforms, online, for example, numerous books are available, while communication with experts and researchers are just a few clicks away. A more knowledgeable and informed community would help set up policies that promote long-term well-being over choices that favour short-term economic and governmental interests, this board said.

They recommended specific investment areas including Electrical power solutions, water filtration that remove infection at the point-of-use and nanotechnology for wellness insurance farming. Agriculture has benefited in whole from these innovations as well, with technology being a major factor in increasing crop yield, protecting the plants from diseases and therefore living up to the role of feeding the masses.

Key leaders in world management are due to follow a set of growth objectives – known as the Sustainable Development Goals – in Sept that include eradicating hardship, reducing child death rate and dealing with global warming, substituting the eight expiring U.N. Century Development Goals.

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