Interplay of Economics and the Role of Engineering and Technology

Abstract

In the last few decades, innovations have played a major role in economic growth and development of the modern economies. Extensive Research and Development in the fields of Engineering and Technology have been the catalysts, culminating the economic growth and development of the modern economies. Engineers and Economists have been interdependent on one another for various technical know-how. The rapid advances in the field of Economics due to formulation of various Economic Laws and theories have given the modern economies sufficient ideas and methodologies to make well-planned decisions. Engineers have been interdependent on the economists for the development of various technological equipment’s, machines, gadgets etc. useful for the modern industries as they want to maximize their production efficiency, at the same time, minimizing the cost of production. The rapid innovations in Engineering and Technology have made the world a global Market, not limited to the boundaries of a country. Due to technological up gradation in the modern economies, there has been increase in employment, reduction in poverty, and growth of Human Capital, which have together triggered the economic growth of the modern economies, as concluded from my research.