Economic development of all countries of the world. Economic development depends on number of factors. Technology for economic development of any country is an important factor. All developed and under developed countries economy, agriculture, industry, transport, banking, health, education and improved technology in all sectors are trying to install.

Meaning of technology

Technology equipment and services for the production of economic resources or technologies that facilitate learning.

Adoption of technology

Technology and developing countries by developed countries may not adopt product. Major markets of advanced industrial countries, high income, ample capital resources, supported by good management and technical skills are the least developed countries, small income, capital shortages, unskilled labor is abundant. Advance technology, so, what can be done for these countries. Developing countries should adopt appropriate technology to provide the needed employment is based. The development stage of the country’s current economic policy framework should be within.

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Importance of Technology

Technology is important due to following reason.

• Increase in labor productivity
  With labor productivity growth in the use of technology. If we help the agricultural sector, for example, a farmer with tractor can work more than ten farmers.
• More human capital
  Human capital means skilled and educated labor force when we increase the use of technology the skills in labor also increase; it leads to human capital formation.
• Providing better living standard
  We enjoy living facilities per capita income and the quality of life decision. Technology, national income and per capita income growth using, is it leads to better quality of life.
• Output increases
  As labor productivity increases the production level increase of country. This cause increase in national income of a country.
• Rapid increase in supply
  According to Keynes rapid increase in supply is possible with the help of technology. If demand of a commodity increase, it is possible to match the demand with the help of technology. It removes the danger of inflation.
• Trade
  The basis of international trade is “a country exchanges its excess production with the excess production of another country”. So with the use of technology production and international trade also increase.
• Advancement in infrastructure
  Technology itself is the component of infrastructure. with the use of advancement in technology we can improve .such as use of atomic energy, use of gas in place of petrol, and computer e.t.c
• No wastages of resources
  Technology helps in removing wastages of resources in production. It is possible to have more output with same inputs in the presence of technology.
• Cost minimizing
  According to tha Gallbraith “The increasing use of technology in a society as the efficiency increases. growth of national income and expense control in results
• Economics of scale
  It means that advantages are attached with high production level.in this modern era we know that the use of technology production will increase as a result cost will decrease and profit will increase.
• Overcome vicious circle of poverty.
  Withy the use of technology income of the country increase. When increase in income saving will increase , demand will increase and as a result investment and capital formation will increase that help to overcome the vicious circle of poverty.
• Improvement of Quality
  When we use latest technology in the production of new goods then their quality of product will improve. if we take the example of textile industry the quality of machine made clo