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Analyze The Impact Of Technology On The US Economy Essay

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The period between 1950 and 2000 displayed a remarkable change in scientific and technological innovations that ultimately impacted the U.S. economy. Advancements in computing, aerospace, and manufacturing allowed the U.S. to transform its economy and upgraded the standard of living. Today, this essay will evaluate the extent to which these innovations changed the U.S. economy by explaining the innovation’s contribution to economic growth. The growth of the computing industry was one of the main innovations that shaped the U.S. economy. The development of information technology (IT) allowed for more powerful and faster computers that allowed us to create new industries such as aerospace programs. The new software and speed that was innovated, …show more content…

The Space Race and the Apollo program had a cause for better space and rocket technology. Satellite and global positioning systems (gps) were improved because of the Space Race and the Apollo program which advocated for better space technology and that created even more job opportunities that led to a positive impact on the U.S. economy. Because of the new computer controlled machinery and better manufacturing machines the manufacturing industry was revolutionized completely. The increase in quality of consumer products and cheaper production increased market competition. This increase allowed more jobs for America and international trade which majorly contributed to economic growth.

Advancements in the pharmaceutical industry were immense and completely changed the entire industry. Drug discovery allowed for new medical machines and new types of care. These new machines completely grew the industry because life quality and expectancy was increased. Millions of jobs of high pay such as doctors, researchers, therapists, and more were created in response to the high pay and new medical technology. These jobs allowed the growth of healthcare and research which paved the way for shaping its role in the U.S.

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The new technologies were things like radios and cars, well the most important anyway. Each car was built separately by a small set of workers and they were very costly many Americans couldn’t afford them. Until Henry Ford decided he wanted to make cars that people could afford. He was the first to start an assembly

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One impact of technological innovations is the transcontinental railroad and the advancement in railroad businesses thanks to Cornelius Vanderbilt. Due to the power of Vanderbilt he nearly transformed transportation as they knew it. Vanderbilt had many railroads going all over the country and so much power over the railroad business. He ran a monopoly on the railroad industry while still having some competition. Vanderbilt had bought out every competitor he had and thought himself unstoppable, till one day some people at the stock market created and created "fake" stocks in a certain rail company.

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Goods were shipped faster and at lower cost, and more land opened up for cotton growers and other farmers. Moreover, another technological development that influenced the growth of the United States economy was the development of railroads. Railroads were “shrinking distances, dramatically lowering costs, opening new markets, and increasing competition” (Doc 9). Railroads were basically essential for keeping the economy in balance. They supplied cities and towns with food, fuel, building materials, and access to markets.

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All these improvements in technology like canals and new roads altered the physical landscape in America for the better but also the economy (The Market Revolution: Crash Course U.S. History #12,

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Office provides companies with a standard and user-friendly interface to share documents, set up meetings, and collaborate on different presentations and models. This was not just revolutionary in the business world, it changed the way business was conducted. Another technological advancement that increased connectivity and had profound impacts on American society was the invention of the Personal Digital Assistant or Pocket PC, the precursor to the

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The United States saw a major change in the economy and how goods were moved in the country between 1865 and 1945. The ending of the American Civil War allowed American innovators to begin work on new inventions that would change the American economy. The substantial change was the industrialization of America. Development of electricity and new techniques opened job opportunities in industries across America. The United States began to mass produce steel that was able to be used in the construction of major cities, use railroads to expand into the western part of the United States, and the standardization of money, roads, railroads, and laws surrounding quality of life.

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Economically, the value of America's manufactured goods increased to over 13 billion a year, and socially, a large amount of jobs opened up for unskilled workers to mass produce products. The new processes that surfaced in the Industrial Revolution changed the way Americans worked and provided the means for new technologies for

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This development in technology had first started in Great Britain, but thanks to Samuel Slater the reproduction of english machines became present in the United States. With the leap from only trained professionals being able to manufacture goods to any man, women, or child being able to do the same thing made economic, social and technological changes in the US. Although agriculture still proved to be the backbone of the economy, the way in which farms were ran had adjusted. Rather than the farmer keeping a decent portion of their harvest, they opted to sell most of it in pursuit of more profit. Farmers were also adopting new techniques and new tools that increased production and decreased manual labor.

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The invention of the cotton gin decreased labor and increased the production of usable cotton and the demand for items being made from it. Advancements being made in both water and land transportation led to explosive growth in cities and factories; thus improving the national economy little by little. All in all, the revolution taking place in the Americas after the war of 1812 turned the nation into the successful, worldwide marketplace we know of

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Henry Ford was the man who fused automobiles and the assembly line into the perfect mix allowing for faster production and better quality (“Henry Ford: Technology and Innovation in the 1920s | College Reading and Writing”). Another economic change was the great depression which affected america negativly. The great depression was a downturn in mondern economy. The great depression started on the stock market crash of October 1929 when the dow jones industrial average declined nearly thirteen percent (Richardson et al.).

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The demand for manufactured goods during the war gave America’s economy a much needed boost. In addition to war wares, the United States also took great strides in the fabrication of steel and harnessed steam and electric power (U.S. Department of State. 2009). Not only had production levels increased, but the interest in scientific advancement rose as well. “In the years before 1860, 36,000 patents were granted; in the next 30 years, 440,000 patents were issued, and in the first quarter of the 20th century, the number reached

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Once developed, the United States relied on Industrialization for much of everything. It brought many new inventions and ideas of how things were run. Industrialization changed the United States economically from big businesses, politically due to imperialism, and socially from urbanization. The economy was forever changed due to industrialization and its main contributor

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Many things contribute for the possibility of technology to advance the economics in a period, especially since every area has different needs. A few contributing factors were slavery, population growth and risk and benefits. Mokyr even thinks that every invention raises the amount of technological need; once something is created people scramble to create something better, something to advance it even farther. During the early period technological advance was rare possibly due to slave labor, the labor was basically free and the rich owners made a lot of money off them, and they did not care to help make the process easier or faster for them. The educated inventors had to learn to communicate with the labor field to find where advances could be made.

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For most Americans, technology is an indispensable part of both work and personal lives. Numerous advantages of technology include teleworking, which enables people to conduct business from their homes, cafes, and other non-office places. As with all good things, this also has a reasonable share of drawbacks. More than 30% of US knowledge workers reported working from a location other than just their workplace on a workday over the research period, according to the American Time Use Survey, which was used to examine the relationship between daily work locations and travel in the US from 2003 to 2017 (Stiles & Smart, 2020.) More Americans are able to live more flexible lives because of technological advances.

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We depend too much on technology. There is no doubt about it. Many places of work are at a loss if their internet connection stops working. Many businesses and institutions are left high and dry if the internet or computer crashes. Every bit of information regarding business is entered into the computer.

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