What makes the Modern Economy

Modern economy is an accumulation of a large number of revolutions. These revolutions include everything from the invention of radar to the refrigerator revolution also known as the cold chain. All these small but very important revolutions have formed the modern economy.

 According to me the inventions of  mobile phone and internet has greatly affected today's economy. The flow of information in today's world is enormous as compared to the earlier times. Anything that happens in one corner of the world is conveyed to another corner of the world in a fraction of seconds. And all of this is made possible because of our never ending need for comfort. Isn't that what we all want,to be safe and comfortable.

 Right now almost all of the tech-giants are working on making an efficient Artificial Intelligence, hat can think and correct it's own mistakes and make itself better. What they are striking for is an AI which can "think". This is very big step in terms of technology. It is already being implemented in some companies.

 When talking about modern economy  often a term called neoliberalism is coined. You might be thinking what is neoliberalism, it is new term which means preventing social conflict. What neoliberalism means is that it takes the control from the public sector and gives it to the private sector. It is a very effective system which has been implemented by many goverments.

 But what is the main focus of the modern economy? Today's economy focuses on profit at an affordable rate. What this means is that, not spending too much resources on an idea that is going nowhere or is not feasible. There are a lot of innovative ideas which require some work and can be made possible, that is what the modern economy is focused on.

 Technical giants such as Tesla, Facebook, Google, Microsoft, Samsung, TATA, IBM, etc. are all focused on reforming the society in way where every innovative idea can be executed.

 A few months ago companies like TATA, IBM funded an experiment which was conducted by a group of scientists in China , the aim of this experiment was to prove the theory of quantum teleportation. The experiment was a complete success. And this brings us into a new age of technology where now we are moving toward quantum computing, this a huge step, being able to perform lossless and completely secure data transfer is a very important and a lot of companies spend a lot of resources to achieve this. But with quantum teleportation it can be achieved easily, But this technology is not fully developed yet and still reuires a lot of work.

 To sum it all I will say that everything and everyone constitute the modern economy, from a small business company to huge tech giants. Every little invention contributes to the modern economy in some way which is important.

 I would love to know your views on this topic, please leave a comment below and let me know.

Comments

  1. Subramanian29 October 2017 at 08:27

    Nice one. It is more informative as well. Looking forward for your new blogs related to this.

    ReplyDelete

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