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.