Pages 10 (2510 words)
Manyhistoriansofscience argue not only that technology is an essential condition of advanced, industrial civilization but also that the rate of technological change has developed its own momentum in recent centuries. Technology serves as an alternative to the technological problems of the industrialized nations, and as a solution to the problem of social dislocation caused by the transfer of advanced technologies to developing countries.
Inrecentyears,acompletely new field of technology has developed from advances in the life sciences. Known as biotechnology, it involves such varied activities as genetic engineering, the manipulation of genetic material of cells or organisms, and cloning, the formation of genetically uniform cells, plants, or animals. Although still in its infancy, many scientists believe that biotechnology will play a major role in many fields, including food production, waste disposal, and medicine.
Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.
We can say, therefore, that economics, often referred to as the "dismal science", is a study of certain aspects of society. Adam Smith (1723 - 1790), the "father of modern economics" and author of the famous book "An Inquiry into the Nature and Causes of the Wealth of Nations", spawned the discipline of economics by trying to understand why some nations prospered while others lagged behind in poverty. ...