History reminds us how technology not only changed our way of life but has also introduced new ways to increase and diversify production of goods or services. In turn, it has driven the economies of the world to new heights.
According to a recent study based on more than a million patents that we have seen in the past century, the positive impacts of technological feats to the economy have not only brought an optimistic future to this sector but also expanded it beyond recognition by fueling an increase in production for different industries. As a result, technology has contributed to the overall financial health of countries around the globe. One example is how it has boosted the annual U.S. economic output in the recent years. Analysis concluded that this growth correlated to the booming technologically innovative products that has been made available to the market in the past decade.
As a response to this massive acceleration from a technology-driven change, experts have suggested that economic models should respond to the changes of its global environment by welcoming a newer phase beyond the 20th century economic models. One of these highlighted models is termed as the ‘programmable economy’ in 2014, and it is defined as a form of ‘smart’ economic system which aims to support and manage both goods and services’ production and consumption particularly catered to technology-driven scenarios.
In addition, the heavy spending on product development is naturally helping to pace economic growth. The good news is, innovation is now becoming a commonplace among industries and since technology-based advancements are happening globally, many sectors including industrial, energy, and finance can enjoy its benefits.
Many of the world’s top investment magnets are tech stocks, particularly those that set new trends. The likes of Google, Amazon, Apple, and Oracle are favorites amongst investors and asset management firms—such as LOM Financial—because of their sustainable business models and booming market popularity. In some cases, such as that of Samsung, they are actually considered the prime movers of the national economies they are primarily involved with.