The paper "Ассеss to Тесhnоlоgy and Есоnоmiс Dеvеlорmеnt" is a great example of a literature review on information technology. There are various benefits that are associated with technological advancement in relation to economic development. In businesses, technology enhances the overall quality and performance of products, making them more desirable to consumers. Organizations also use technology to automate processes. Technology devices and infrastructure also improve accuracy and efficiency in various processes and provide greater access to global communication. Access to technology or the development of networking infrastructure is quite a significant aspect when it comes to the economic development of any given country.
In Australia for example, there has been heated debate with regard to the issue of developing the nation’ s internet infrastructure as well as the system that should be put in place as a way of maintaining the industrial development and economic growth of the country (Amichai-Hamburger & Hayat, 2011). This piece of work will give an in-depth analysis of the issue of technology and economic development. Much emphasis will be given to Australia but other parts of the world will also be highlighted.
The statement, “ Internet and world-wide-web technologies are a key driver for economic growth and prosperity” will be the center of the discussion. The integration of online commerce into business models is an issue that is attributed to numerous benefits. Electronic commerce has been embraced by many enterprises in Australia and other parts of the world. The integration of web technologies with business models is an aspect that most businesses have recognized and implemented as a way of enhancing their efficiency, effectiveness as well as productivity in their endeavors.
Businesses have made the objective of building their firms into successful e-businesses a priority. This simply entails empowering the firm with capabilities such as enhanced information sharing, intelligent decision making, global networking, agility when it comes to responding to the market forces, and finally streamlining business processes. The adoption of the Web has allowed enterprises to extend beyond the traditional business functions and adopt new features such as online commerce. The Web facilitates processes such as marketing, interaction with customers as well as product distribution among others.
To appropriately implement and make use of online commerce systems, there is a need for enterprises to evaluate a significant amount of information from the business environments in activities such as environmental scanning (Strauss & Raymond, 2016). It helps in operational decisions and strategic management. Social media is an aspect that cannot be underrated when it comes to the issue of networking technology and its impact on economic development. Social media has been used for various purposes such as advertising, analysis of consumer behavior, and marketing among others. In turn, this enhances business performance and increase the productivity of a country.
The effects of the internet on the economy touch on from a wide range of areas; from corruption to democratic freedom aspects and the shadow economy, from enhanced technological productivity to heightened foreign direct investment and from inflation to political economy issues. The penetration of the internet and social media networks is part of the information and communication technology revolution. Different governments, in developed and developing nations, have realized the considerable growth potential of the internet and other technology infrastructure to their economies (Salahuddin & Alam, 2015).
As such, they have developed policies that promote the use of the technologies to reap from the benefits.
Amichai-Hamburger, Y., & Hayat, Z. (2011). The impact of the Internet on the social lives of users: A representative sample from 13 countries. Computers in Human Behaviour, 27(1), 585-589.
Czernich, N., Falck, O., Kretschmer, T., & Woessmann, L. (2011). Broadband infrastructure and economic growth. The Economic Journal, 121(552), 505-532.
Ferrer, E. (2011). Impact of internet piracy on the Australian economy. Australian Policy Online. Retrieved from http://apo.org.au/resource/impact-internet-piracy-australian-economy
Korres, M. G. M. (2012). Technical change and economic growth: Inside the knowledge based economy. London: Ashgate Publishing, Ltd.
Madureira, A., Hartog, F., Bouwman, H., & Baken, N. (2013). Empirical validation of Metcalfe’s law: How Internet usage patterns have changed over time. Information Economics and Policy, 25(4), 246-256.
Salahuddin, M., & Alam, K. (2015). Internet usage, electricity consumption and economic growth in Australia: a time series evidence. Telematics and Informatics, 32(4), 862-878.
Strauss, J. & Raymond, F.D. (2016). E-marketing. New York: Routledge.