The Impact of Technological Change on the Global Economy

In 2015, some of us pondered why we weren’t traveling to work in flying cars like Marty McFly got to experience in Back To The Future.

The future was a resounding disappointment! Or was it? How many of us, back in the 80s, could predict you’d be reading this article on the internet right now? 

Technology has helped us make significant strides globally, and it has had a massive impact on the economy.

Is that trend set to continue? Here is our take on how technological change will impact the global economy soon.  

3D Printing

3D printing is still in its infancy. But this technology, as it advances, has applications in many industries. And with that comes a significant impact on the world’s economic outlook. 

Manufacturing globally is where the most remarkable transformation will happen.

As 3D printing developers from scientific labs into factories, it will replace machinery and human engineering to help accelerate the development of new products.

That means we consumers will have access to a broader choice of products at lower prices. 

AI

We already see artificial intelligence in our lives every day, even if we aren’t aware of it.

Technological solutions have helped us create algorithms and systems that give us immediate answers to questions, manage the technology in our homes, and drive our cars.

So what’s next for AI, and how might it shape the economy of the future? 

As companies continue to adopt AI technology, it will help improve productivity and efficiency.

While AI will replace low-skilled jobs in offices and manufacturing, it will pave the way for more technical specialists within companies. These are roles that will help support and optimize the use of AI in businesses. 

Food

You might not typically associate food with technology, but that will change soon. As the world population increases, the risk of starvation from finite resources becomes a more pressing issue.

Food manufacturing driven by technological advances will help counter this. We’ve already seen meat substitutes like the Impossible Burger, developed using high-tech equipment in a lab, have a noticeable impact on customers.

We will see more changes like this in the future, such as more dairy and meat substitutes grown in a laboratory, removing the need for labor-intensive farming production.

So these advances will help counter the gradual rise in food prices worldwide and shape economic trends. 

Climate Change Technology

Global warming is undoubtedly the biggest threat to the worldwide economy. Consider the long-term costs of displaced families, destroyed buildings, and rising sea levels.

So any technology that can counter our carbon emissions helps protect the future economy.

Carbon capture is currently one of the most exciting developments, with emerging technology extracting CO2 from the air and storing it underground. 

Societies have always faced problems with ingenuity, which has helped our world advance. Jared Diamond discusses this topic more here.

Technological Change and the Future

Technological change is an exciting world to explore. While none of us can predict the future, we know that investments in technology, science, and engineering help protect our economies and improve our lives.

You can learn about other recent innovations by exploring our tech section.