Efficiency of Technological Innovations - Essay Example

The history of capitalism is one of success based upon technological advancement. This is true in the United States as it is elsewhere in the world. Overall, their impact on national and global economies has been benign. Irrespective of the cyclical booms and busts of technology-driven economies, they tend to improve the standard of living for people.

A self-regulatory approach will be a better option, for it frees online businesses of cumbersome governmental regulation, which would have thwarted technological progress.  Moreover, consumers can take care of their interests, in that they can promote or condemn a particular brand based on the quality and safety it offers. So allowing businesses to self-regulate would be the best option.

Intellectual property is the concept of ownership associated with creative work. This work could either be technological innovation or artistic creation. Owners of intellectual property can protect their rights by taking a patent or copyright for their work, which will give them legal protection against theft and false claims of ownership.

Bioethics refers to the field of inquiry about the ethical and moral dimensions of biological research. Since most of the moral principles are derived from a human standpoint, the rights to existence and fair treatment of lesser species may be taken lightly. Of late, the advent of stem-cell research has opened up new dimensions of ethical dilemmas, as it entails human cloning.

Given the controversies surrounding GM foods, it is prudent to label them as such. So far, no extensive studies have been done on the effects of prolonged consumption of GM foods for humans. And till such a time comes when the safety of the GM variety is firmly established, it is an ethical imperative for agricultural companies to forewarn consumers of possible risks.