Describe a recent innovation, and discuss its social and economic impacts. In modern times, the majority of people worldwide have incorporated the use of new and evolving technology in daily living. Consequently, it has and continued to change the way we work, interact and learn. The internet is a vital medium that has affected us both economically and socially. This essay will focus on the economic and social impacts of the internet as a recent innovation.
Innovations, whether in the form of technology, organizations or products, result in the application of research, technology, and the economic potential of business assimilated with the needs of the consumers (Kerchev, 2011). These promote the development and improvement of consumers’ lifestyle. An example of an important innovation is the internet, which was introduced in 1982. It had the concept of an interconnected system of networks to share information. Historically, communication was limited and information was once a valuable and expensive resource, specifically in remote regions of the world. Over the last two decades, the internet was developed dramatically, leading to an increased significance of its use. It enabled us a new form of communicating, obtaining information, and predominantly how we live our lives.
The internet has made remarkable changes on the economy in both positive and negative sides. Primarily, it serves as a catalyst for global growth. It created opportunities for businesses in marketing, advertising and operating costs. It enabled consumers to shop online and pay bills at the comfort of their home. In the economic downturn of the United States, it served as a haven for larger companies such as Google, Cisco and Adobe to achieve relative stability and enhance the trade value through their global sales (Quelch, 2009). Moreover, the internet provides employment throughout the world. Majority of the people rely on the internet for employment as it accounts a number of...
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