Impact of Development of Technology on Education: Key Micro and Macro Economies of Australia

Abstract

<p>The purpose of this paper was to discuss and examine the impact of development of technology on education in key micro and macro economies of Australia. Research for this paper included application of micro and macro economics concepts, presentation of facts that are collected from different sources as well as deeper analysis of the changes in micro and macro economies of Australia caused by technological changes in education supported by a range of other scholarly articles.</p><p> </p><p>The paper provides advantages and disadvantages of development of technology on education as well as impact of technology on education in key micro and macro economies of Australia. Based on the analysis, the education industry in general is benefitted by development of technology caused by increasing access to information and flexible study schedule through e-learning. The paper then moved into micro and macro analysis of the impact technology has on education. The key factors in micro economics that were discussed are long run demand and supply, labour demand and supply, resistance to change and effect on universities and the environment. In macro economics, the key factors that were discussed are increased access to education in the country, decrease in structural unemployment rate, decreased demand for Australian academics, increased level of global competition and decrease in GDP as well as increase in information asymmetry.</p><p> </p>The paper provides detailed analysis on the impact of technological development on key micro and macro economies. In general, this paper suggests that as the inevitable development of technology in education will have both positive and negative effects on Australian economies, the key challenge is in managing the development by minimising its negative impacts and nourishing the positive impacts