According to America’s Committee on Economic Development, the tremendous technological development of the 20th Century owes credit to basic research. After World War II, United States concentrated huge funds on basic research, building a strong scientific base and an energetic scientific community. Its leading position in computing, biotechnology and a host of other fields is a direct result of that basic research. The economic benefits it reaped are already mentioned above. In view of such tremendous success, continuous and proportionate funding of basic research would appear a logical conclusion. But that is not the case. Laboratories and research centers have been down-sized, funds have been reduced, the older companies are cutting back on research and the younger companies are simply ignoring it. It is the aim of this paper to study the role of basic research in technological changes and the impact of government policy on its future. Basic research is usually a risky undertaking. Since it is exploratory in nature it is neither possible to predict what one will find nor what the ultimate utility of that find would be. Yet it has led to a no of developments in every walk of life. Thus, in the words of Earnest L Eliel, the President of American Chemical Society in 1992, “Rosenberg's research on the potential effects of electric fields on cell division led to the discovery of an important cancer drug; Kendall's work on the hormones of the adrenal gland led to an anti-inflammatory substance.; Caruthers' work on giant molecules led to the invention of Nylon; Bloch and Purcell's fundamental work in the absorption of radio frequency by atomic nuclei in a magnetic field led to MRI. Development of gene splicing by Cohen and Boyer produced, among other products, better insulin. Haagen-Smit's work on air pollutants spawned the catalytic converter. Reinitzer's discovery of liquid crystals is about to revolutionize computer and
The following paper "Role of Basic Research in Technological Change" seeks to outline the contributions of basic research to the technology change or improvement. The growing realization of the importance of basic research has triggered many policy changes…
0 Conclusion and Recommendations 14 References 17 19 1.0. Introduction Along with other factors of economic environment of a country, such as political, legal, natural and social environments, technological environment also possesses a significant role. With an economic perspective, basic components of technological environment of an economy are its research & development trends, innovations, productions and others.
This report is aimed at developing the critical analysis of the literature that has been developed so far. Since the literature developed in the technological domain of business is very extensive, the scope of this study has been confined to the evaluation of the literature on technological change in Information Technology section of business anticipated for the year in which this report is developed.
Research and innovation fosters the economic and social development of a country. According to the paper Research has been growing since the end of Second World War. Most firms participate in applied research because it can be marketed easily. This essay has been divided into subtopics: research system, research and knowledge economy, roles of universities in research and challenges facing research.
There is a marked increase in the number of organizations that have also started to move their support services and customer call centers to more cost effective countries. However, few of these organizations have authentic global technological and innovative
According to the report mainstream economics assumes that resources are scarce and that it is necessary to choose between competing alternatives, hence, the reality of tradeoffs. Choosing one alternative implies forgoing another alternative, hence we have the opportunity cost, which creates an implicit price relationship between competing alternatives.
According to the research, even though the society believes that changes are revolutionary, it is critical to proposing that changes are more likely to be evolutionary. It implies that people should focus and reflect on the current technological change, so as to plan for future. A technologically sophisticated civilization must be technologically cognizant in order to safeguard its survival.
2 pages (500 words)Essay
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