The cost and benefits of technology can be incredibly varied. While most people can’t live without it, others struggle with its impact on their daily lives. Some critics argue that technologies like drones and robots will eventually replace humans in the workplace, creating a dangerous future where we’ll all become slaves to a machine. However, other technologies have improved the productivity of workers and reduced in-office expenses.
Modernization of IT infrastructure generates innovative solutions that allow small businesses to compete with larger corporations. Productivity software, high-speed internet, and cloud technologies increase efficiency in business processes. They also help employees work from home or anywhere in the world, which leads to better work-life balance and higher quality innovation.
Many researchers agree that medical technology is one of the dominant factors responsible for rising health care costs (1-3). It’s often hard to distinguish between the contribution of specific technologies and other, more easily identifiable sources of cost increases such as price inflation or population growth. Additionally, physicians may be insensitive to the cost of new technology due to ethical imperatives and malpractice concerns.
Some technologies increase environmental costs by polluting or depleting the planet’s resources and ecosystems. For example, coal power plants produce air pollution, while stack scrubbers and catalytic converters reduce it. Electric vehicles, on the other hand, do not require the use of toxic fuels. Similarly, renewable energy and battery technologies still require waste disposal facilities, though they are expected to improve over time.
