Technology brings many benefits to our lives, making it easier to access information and connect with each other. But technology also comes with some costs, which need to be taken into account.
For example, democratising access to knowledge has resulted in many people taking online courses to learn new skills, without having to travel to school. This has saved a lot of money in transport, accommodation, and meals. But this has also led to many students getting addicted to the technology and having problems with concentration at school. Some even have a fear of falling behind in their studies due to this problem.
As for construction, technologies such as drones and robotic swarms have become increasingly popular. However, they come with a higher price tag. It is important to calculate the pros and cons of each solution in order to make the best decision.
One important consideration is that a technology may increase the utilization of other health services, thereby increasing its overall cost. This is known as induced cost. For instance, an expensive diagnostic test such as computed tomography will prompt physicians to conduct other tests to confirm a diagnosis. It may also lead to more treatment options, some of which are invasive or harmful.
A few researchers have tried to estimate the effect of technology on health care costs. These analyses have largely focused on measuring the incremental cost of a single technology, rather than its total contribution to increased health care costs. In addition, they have failed to distinguish the impact of a particular technology from other factors that are more easily identifiable, such as price inflation and age-specific population growth.