Introduction
Technology in the United Kingdom has gone through various cycles. Britain’s many breakthroughs and discoveries began to emerge concerning the successful deployment of creativity in multiple industries. The notion of technology was extensively used in the industrial sector to increase the organization’s efficiency and productivity. Further, the technological concept has boosted specialization while simultaneously expanding the organization’s output. Over the years, the aspect of technology has been developing rapidly.
Technology is analyzed to play a crucial role in changing the designs and analysis. The part of engineers in technology is also scrutinized in the development of the industries in Britain. For example, the invention of the electric vehicle an electric train, and the use of Automated teller machines (ATM) are seen as great milestones in the development of technology (Zeydan & Kayserili, 2019). The economic aspects of the country also influence the operation of technology. In economics, banks have invented the technology of Automated teller machines to aid in money withdrawal. The invention has reduced the long queues in the banks for services like withdrawal and balance checks.
Both the invention of the electric vehicle and the Automated teller machine can be seen to have played a great role in the shifting of the economic parameters. The electric machine has enabled movement from one place to another in a quick way. The same applies to the ATM which has improved the bank services as customers do not have to go to the bank for some services (Okokpujie et al., 2018). Technological developments have increased the efficiency of service departments. Therefore, the British economy has widely grown depending on the inventions. The two inventions compare the two aspects of the economy, the economic sphere and the engineering sphere.
In this regard, for effective functioning in realizing the ultimate goal of sustainable development, both the Automatic teller machine and the Electric vehicle are entitled to work in realizing the objectives of a sustainable economy. The suggestions entail incorporating the implementation mechanism, whose role is bestowed to the persons responsible for developing the economic change and weather aspect. The implication is to provide an insight into the framework for realizing the sustainable economic goal and the technological advancements in the two fields.
Technology has undergone different advancement cycles in Britain. For instance, Isaac Newton’s analysis of gravity and Darwin’s theory of natural selection formed the basis of scientific research and innovation (Li et al., 2019). The industrial revolution in the seventeenth century further played a more significant role in advancing technological advancement in the country. As a result, various people started to be involved in scientific research and innovations to improve the engineering company’s efficiency by relying on technology (Li et al., 2019). Some of the new ideas that came up as mentioned above are the electric vehicle and the ATM.
In the last few decades, the world has undergone tremendous improvements in technology. The advancements have taken place in industries and personal life. Presumably, technology has changed the way of life of most people and the mode of operation in different companies. With improvements in technology, companies can enjoy increased production (Bandyopadhyay & Heer, 2018). The same applies to people who rely on technology whose work efficiency has improved. Arguably, technology has been a hallmark of the world dynamics changes. Britain is one of the countries advanced in technical applying vast knowledge in the sectors areas of its economy. The aspect of engineering and economics have both undergone tremendous advancements in the sector of technology.
The technological advancements must be in line with the sustainable development goals. In Britain, the Business and industrial strategy ministry manages sustainable development goals (Bandyopadhyay & Heer, 2018). However, the energy policy of Britain aims at different objectives, including a reduction in the emission of carbon (iv) oxide into the atmosphere, promoting a constant source of energy, and a competitive market (Farrukh et al., 2021). The government of Britain is committed to providing appropriate energy production Britain.
The sustainable policy of carbon (iv) oxide emission and other clean energy provisions is directly linked with the technological advancements of a state. For example, in England, the production of specialized new electric vehicles which emit toxic-free gases is controlled, and the check affects the way technical improvements are made (Farrukh et al., 2021). This ensures that the state lives to its commitment to sustainable development goals. Further, one indicator of economic development is hastened change in the technological domain. However, evolution has various effects on the environment and climate change. Therefore, the same must be harnessed to realize a common goal for both.
Further, Britain has moved to improve the sources of energy it relies on to only include clean sources. Clean energy sources include hydroelectric power from water and solar energy tapped from the sun. The sustainable development goals aim to improve climate change, thus reducing the adverse effect of global warming that harmful technological innovations would cause. The balance must ensure that the various sectors realize their goals and objectives.
The Invention of the Electric Vehicle and the Automatic Teller Machine
Every state depends on its economy to sustain and support its various activities. The state’s economy further determines its power within the world cycle. Countries with large economies enjoy respect and honor in the world forum because of their independent nature. Additionally, even for a country to develop in its technological sector, it is inevitable for its economy to be stable hence supporting its operations. Therefore, technology and economic work incorporate ideas for the greater good in different aspects. For example, advancement in technology is viewed as a change in the economy of that particular state. The microenvironment, the taxes by the government, and the effects of the population at large are essential players in the economy. In this regard, the Automated teller machine was invented to support the growing economy and reduce the long queues in the banks.
On the other hand, the invention of electric cars played a key role in technological development. The engineers work on all avenues to ensure that the aspects are up to date. Electric vehicles have improved the transport sector by hastening transport between business partners. In particular, the operation ranges from developing the use of 3D animation, which has taken the world into a more excellent photographic representation, is the work of engineering. Moreover, they perform road construction, aircraft buildings, and electronic products; therefore, economic growth and engineering expansion should be harnessed.
Nevertheless, technology contributes to efficiency in the work done. When the person undertaking a certain task considers the technological aspect of production, the outcome of the particular activity is efficient (Manioudis & Meramveliotakis, 2022). In particular, the invention of the ATM has enhanced the role played by banks in the economy. Consequently, the work done becomes reliable and can be sold to a larger market (Neelakanta, 2018). However, the usage of technology is sometimes viewed as stealing jobs from the citizens, and therefore, it has been met with equal resistance as acceptance in the market at large.
It is further argued that technology encourages specialization in the economy. Economic experts argue that it leads to specialization because people can take up specific roles from their act of interest and more understanding (Manioudis & Meramveliotakis, 2022). Furthermore, technological specialization takes place because everyone can participate in what they do best without much strain. Hence, it affects increased efficiency and a proper outcome in the individual’s work. As a result, the company enjoys a wide economic base and a better reputation in the global market. A country that encourages specialization and technological invention has an appropriate production record, thus a good global reputation. With the two inventions, there is specialization in the economy.
Further, with advanced technology, business of Britain has expanded as the country can tap the natural resources from various sources. Technological tools have an impact on how raw materials are extracted. Therefore, when a country has advanced technology, it will likely get more natural resources exhausted from its land (Ion Gr. Ionescu, 2018). Additionally, technology has led to improvement in the industrialization sector of the economy. The development is attributed to the efficiency of the work done, the ability to tap more resources, and the specialization aspect brought by technology. Therefore, a company can expand, basing its efficiency and specialization on the conduct and ability of technology (Ion Gr. Ionescu, 2018). Technological advancements like robots that can perform functions like that of a man have also enabled expansion in various aspects of economic growth as most functions that man was performing can now be completed faster and efficiently by man.
Technology has also enhanced research and innovation in the country. The study has improved the British research department in inventions and the discovery of new technology. Further to this, technology has created a virtue of a global village. The British economy can now be viewed in the whole world. However, this has its disadvantages in the world market and economy. Most citizens can use the internet to spread data that is not true and misinformed. The data can be fake goods, fake contracts, or even fake jobs. The fake details can destroy a country’s reputation, and the company may incur losses based on the same.
Technology has a significant role in ensuring diverse inventions and improvements in engineering. For example, the use of electric vehicles in shortening distances and other areas with rugged terrains, hence, the sector has improved drastically with the advancement (Zhou et al., 2017). Further, the designing of objects has taken a significant shift with the involvement of technology in the production sector. For example, everything needed physical testing before they were released for human consumption in the recent past. However, with the advancement in technology, most items are tested with technological devices, and that is enough.
The development of electric vehicles and ATMs in all sectors depends on improving technology. The dependence is fundamental and one relies on each other for proper growth and development. Therefore, both aspects must be harnessed for the sustainable growth of an economy in terms of banking (Zeydan & Kayserili, 2019). The critical policy issues that the harnessing committee may address are how the economy should bridge the gap between scientific development and the economy. The additional policy can be on the modernization of the engineering sector to ensure the proper production of engineering materials. The policy should be designed to capture the players’ attention in the sector. For that reason, public participation should be enhanced in every sector. Further, sustainable development goals and energy policy should be in a way that reflects the true position in society development. The pathway to enhancing economic policy may be through diversity and proper planning. The planning should consider the changes in the economic sector and program.
However, the law cannot be conclusive in all areas, and therefore all players must be consulted. The consultation should consider the dynamic change in engineering and economic development. In economics, the policy guidelines should consider the players in the economic sector like the banks and other areas that have invested in the technological sector and development (Walsh et al., 2020). Mostly, the dynamics should consider the money in supply and the reputation in the world market. The policy relies on economic development for successful implementation.
Conclusion
In conclusion, the paper has analyzed two inventions, the electric vehicle invention, and the Automatic teller machine invention. Technology from the conception stage in Britain, when industrialization was developing, has also been tackled. Technology played a key role in ensuring efficiency, and specialization and even encouraged research and innovation in the economic sector. In the concept of new ideas, one indicator of the growth in an economy was viewed in the context of proper economic growth.
The policy has various strengths and weaknesses, which run through the development and implementation processes. The wide coverage of public participation and mass education is not often achieved. From the report, technology has undergone a wide range in changing the scope of operation of most economic agendas. Creating the economic plan has been a comprehensive blueprint for sectoral economic development. Therefore, in discussing economic growth, one should always endeavor not to forget the role played by technology in ensuring the same.
However, despite the several strides made by technology in ensuring a better world, it has undergone criticism and biased treatment in Britain. At first, most people thought the concept took away jobs from the general public (Bandyopadhyay & Heer, 2018). The responsible people viewed the use of some artificial machines to do certain works as taking away opportunities from the hands of various individuals. As a result, the concept of technology was partially rejected by some companies. Moral personnel may use the loophole to avoid hiring individuals claiming efficiency and proficiency in their work.
Further, the business environment consists of the microenvironment and the macro environment. The microenvironment consists of the internal factors that affect the policy framework of harnessing the development and promoting the research methodology implied by the various firms. Consequently, firms endeavor to ensure that they reach their clients within a short time and even expand to a broader scope in the realization of their economic prowess. The policy framework is in a way that ensures that the demand of each firm is met. However, further weaknesses lie over the same as the player, including the economists and the engineers may be unwilling to give their opinion on the same.
Before understanding the concept of technology, both parties should be brought on board. Engineers and economists should all understand the concept of technology and appreciate its dynamic prowess. Hence, the characteristics and the understanding of both the economists and the engineers on the idea differ substantially. Both parties hold divergent views on the same issue of technology and technological advancement.
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