How Technology Has Reshaped The US Economy

In all areas of the world today, we constantly see people with some type of device whether it would be a cellular phone, a tablet, Bluetooth or a laptop. Individuals have become accustomed to always using a device on the go. Today, it has become some sort of necessity because of its constant production, advancements and growth. In fact, the biggest economic growth stems from the technology sector of the US economy. A period where technology grew substantially was around the 1950s when companies such as IBM and Honeywell led this new movement of computer programming which opened up jobs for many people to produce and service programs that advanced more and more over the years. Because of the numerous advancements in technology over the years, it has improved our ability to be able to process information faster and communicate easier. Technology has obviously reshaped the US economy and this paper will discuss how technology has impacted the US economy.

The only downside to this is that with online businesses growing and some consumers are preferring that as their main method of shopping, in-store business is slowly declining. According to statistics, about 6% of all retail sales are transacted online and this number is expected is reach up to 20% within the next ten years (Thompson, 2012). As a result, this is clearly has a positive effect on the economy because with the help of technology, it helps the consumers to make thought-out, better decisions when it comes to their products. Also with the help of technology, it has ultimately lead to more consumer spending which is obviously better for the