THE CHANGING TECHNOLOGY AND GLOBAL ECONOMY.part 1

The changing faces of global economy experience

monumental proportion of growth and development including productivity improvement in different countries of the world especially where sustainable growth of commensurable technology has flourished beyond mankind's wildest expection.Taking a look at the  above pictures shows a group of girls at victoria island going to work and under intense of  labour productivity.However we assume the possibility of growth and development to civilize does not exceed the parameters and alibis through which growth and development is measured.This factor must be considered prior to guaranteeing a reliable panacea to enhance productivity and productivity improvement over the long haul.Marsolism makes critical improvement with series of research and breathtaking papers that the limit to technological growth is embedded in the moribund growth theories that supplant development at large.

We turn to various measures of growth management and development indicators in an effort to resolve the common ailment dampening the practice of growth and development.Hence we propose the theory of development cycle to counter the challenge and problems identified by Joseph Schumpeter's business cycle,Simon Kuznets,Samuelson and Solow and similar growth theories.

Since the dawn of twentieth century,a miniature part of the world experienced stratospheric rise in standard of living.When Kuznets,the pioneer of national income statistics in America initiated Gross national product(GNP), the structural cluelessness behind measurement indicators of living standard which he labeled'Mordern economic growth'was exponentially whittled down to get the clarity of gross domestic product that was adopted in early 90s.The growth of macro economic research in this context over the years was quite astounding.We do not discountenance the contribution of Robert Solow and the theoretical consensus to the contrary that technological growth shares more preeminence than the sheer notion of capital accumulation.One contends Solow's fundamental work in the late fifties to indicate capital accumulation  could account for less than 50% of U.S.per capital income.However to suggest technology accounts for the pool of the rest defeat the essence and nationality behind mandatory technological finance.That is to say without finance, strategic technological impact is quite zero in the long run.To suggest that consistent growth in technological research and technology improvement account for the rest of the contribution without a thorough appraisal of capital accumulation and strategic impact it can make for technological growth sounds ridiculous at most.While successive studies seems to have modified Solow's ,they did little to upset this basic conclusion.This could be responsible catalyst on why income waned in the 70s.The truth is that financial investment goes before technological investment and the latter also multiplies the former depending on the economic policy at hand.Moreover, financial investment matter more given some criteria that use output per worker as a measure at which nations use innovation and quite conterproductive in the abrasion of proportional financial injection.It is very clear both goes hand in hand which is why the club of OECD countries maintains fairly stable related productivity ratio.This is proven fact giving that they draw from common pool of invention,commercialising them with capital injection and which is why countries differ in their growth rates and income level.Most research were done in OECD region in most cases in five countries, France, Britain, Japan, America and Germany.This research rates and research activity where it is quite concentrated explains why productivity is on the increase in the selected countries.Most growth models are not drivorced from the realities of the advanced climes,to suggest that the developing countries badly needed locally sensitive growth's model.Hence we suggest development cycle to unlethatash solution to eradicate mass poverty,inequality of wealth and guarantee universal prosperity.