The Advantages of Modern Technology - Essay Example

RUNNING HEAD: Technological Change Evaluate the advantages and disadvantages of technological change for business of Name of Professor Date 1. Introduction The world economy continuous to evolve and the humanity simply cannot be stopped from further bringing changes in technology that are meant to serve humanity’s unlimited needs and wants. This paper takes time to visit the advantages and disadvantages of the changes to get some insight on how persons who can make decisions about these changes may at least do some responsible acts. 2. Analysis and Discussion Technological changes encompasses a wide range of improvement in the way things are things, products are produces, services served and delivered and in many other areas of human life including those in the entertainment industry. 2.1. Savings in time and money against loss of jobs The advantages of modern technology like time and money savings are traditional reasons for business entities as they make decisions in implementing new technology in the workplace (Jones, 2011). The nature of capitalism in the economy where there is a need to maximize profit would generally motivates business entities towards that direction (Brigham, & Ehrhardt, 2010; Khan & Jain, 2007). It is not hard to see the savings in money and resources accomplished by automating some part of the business operations. The market is also a product of innovation and people or customers would always go for those advertised benefit of new products arising from new technology. These business decisions are however not without negative consequences. Every employee would get replaced by machines as a result of changing technology but this could actually be adding to the rising levels of unemployment. This may be partly the dilemma that has actually affected the United States and the United Kingdom. To have this kind of unemployment level of above 5% when these countries are supposed to be ahead in economic development may be partly explained by the conflict by the need for companies to be profitable or having more revenues than costs which can actually be done by controlling the cost of labor. However the unemployment problem may actually be a greater problem in terms of consequences of the business decisions to go for more profit and more wealth for stockholders (Correia, et al 2007; Van Horne & Wachowicz, 2008). Who will buy the products produced by these companies if people who will consume them ultimately have no purchasing power because of lack of employment to provide them means like income to empower them? This is therefore a case of profit maximization that could be creating a greater social problem. Not all the technology that may promise to reduce cost will be beneficial to business in the long-run. Will the government then order the business sector to go back in time or should technology changes should be stopped and employment of people be prioritized first by companies? Who will comply? But how would companies then survive if they could not generate profits that would convince the investors that they have benefited from their investments with these companies. These investors would argue that had they just allowed their money in the bank doing nothing, the same could have just provided them the profits. But no, the government was precisely encouraging them to go into business by lowering interest rates so that they have no use leave their money with the bank. This issue would therefore then to go the argument for the need to have corporate social responsibility. The business organizations need to know what are its stakeholders. If these stakeholders would no longer benefit from the business, the reasons for these companies to say in business would have no basis. But are not the stakeholders interests in conflict, so that favoring one would leave the other getting the losing share of the game? Precisely the need for corporate governance is an act of balancing. The idea of conflict is just like any part of human life. There is such thing as overdoing something with consequences. If one loves too much his or her children by showering all what the parents got to the children in terms material wealth, what would the children still do? This was what Warren Buffet was made to respond when asked about the question of the possibility of giving all his wealth to his children. Warrant Buffet does not want to see her children not doing anything anymore (Weber, 2010). The principle in the case of Warrant buffets has actually a universal application that would include the issue of allowing or doing something about the advantages and disadvantages of new technology. There is need to realize that people will have be producers also and as not consumers only into this world. People, having things abnormally more than others this world, do a price to pay. They have to be given a role other than watcher of the evolving changes. They should be thought of responsibility for themselves and to the world around them. Since government would be in the best position of making the laws that would influence the behavior to people towards more responsible actions, it goes without saying that there is such a thing as some reasonable to responsible thing to do in this world. To be enslaved by technology without balancing it with the greater interest of society is to miss trees in a forest. People may by analogy be considered as forest, where perhaps fertilizing the ground may benefit all trees generally but there may threes that won’t need them anymore like the old ones, the sickly and less fortunate. They would rather be cared personally than left with functioning gadgets or apparatus that do not convey the deeply felt emotions that could only come from actual human relationships. 2.2 Technology changes and the environment The disadvantages of technology could not be only readily seen in increasing unemployment. The more dangerous part could in the environment that would suffer in search for raw material to support the changing technology in relation to unending needs and wants of people (Slavin & Slavin, 2010; Arnold, 2008). Technology change inescapably affects the environment unfavorably. As invention and innovation flourish and converted into products which would found their way to the average consumer’s list of desired goods in the household in the offices, one should also where the companies manufacturing the gadgets and other products are getting their raw materials. The argument would be different if humans are gods who could create something out of nothing. People in the universe live in finite world. Although it is argued that we cannot add or reduce the weight the planet earth in the activities that we do, we could affect the system that may govern life in its totality. There were no issues of climate change before. The abnormally strong floods that are coming on earth (Great Britain. Parliament. House of Commons. Environment, Food and Rural Affairs Committee, 2008; Hyndman & Hyndman, 2010; Dinçer, et al, 2009) in the past decade cannot be discussed apart from what business activities that people engage into. Doing business essentially involves sourcing for raw materials which must come from earth. To cut short, there is an effect to ecology that can no longer be denied with changes that come with changes in technology. Destroying the mother earth would be the least forgivable sin from an environmental point of view as it would in effect be destroying the very source of life for all including all of us who are producers and users of technology in one way or the other. While the hand with other parts of the physical body can exercise in opening a can so that it would be good to the health, some would rather use an electric can opener. While it would be good to walk by at least 15 minutes a day, people would rather use a car and pay separately for fee in a gymnasium to exercise. The wisdom may be so simple but business has introduced anything that would make life more “convenient” but the same could less “healthy” in effect and more dangerous to the environment. If people would come to their senses these things may not be difficult to think after all. Do people have a choice to make from the advantages and disadvantages of technological changes? A big yes can only be the answer. 3. Conclusion The advantages may just be stated in terms of savings as to time and money while the advantages could be in known in terms lost jobs and more dangerous environment. They could sound familiar but understand their interplay would make things more dramatic. Changes in technology are meant to improve things and processes around us. From an economic view point, the improvement in technology should have the effect of improving productivity. Translated into economic terms, the same should result to higher economic growth and which would mean better lives for all. Changes however could leave unclear consequences in terms of employment and the environment. Fortunately, not everything is late as while people are. It is time to act with a good sense responsibility for all individuals. References: Arnold, R. (2008). Economics. Cengage Learning Brigham, E. & M. Ehrhardt (2010). Financial Management: Theory and Practice Correia, C. D. Flynn, E. Uliana (2007). Financial Management. Juta and Company Ltd Dinçer, et al (2009). Global Warming: Engineering Solutions. Springer Great Britain. Parliament. House of Commons. Environment, Food and Rural Affairs Committee (2008). Flooding: Oral and written evidence, Volume 2.The Stationery Office Hyndman & Hyndman (2010). Natural Hazards and Disasters. Cengage Learning Jones (2011). Advantages & Disadvantages of Modern Technology. Retrieved 10 November 2011 from Khan & Jain (2007). Financial Management. Tata McGraw-Hill Education Slavin and Slavin (2010). Economics. McGraw-Hill Van Horne, J. & J. Wachowicz (2008). Fundamentals of financial management. Financial Times/Prentice Hall Weber (2010). I.D.E.A. to Exit: An Entrepreneurial Journey. 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