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Technology contributes immensely to changes in the economic landscape. Over the last century, technological changes have altered our economic landscape in ways that make it practically unrecognizable. Let us look at just three changes.
First, there was the change to a society in which automobiles were common. This changed the economy in a huge number of ways. It brought the auto industry to prominence. It brought about huge support industries such as the gas station industry and the motel industry. It put horses and all of their related jobs completely out of business.
Second, there was the rise of containerized shipping technology. This allowed goods to be shipped much more cheaply from place to place. This innovation helped bring about globalization.
Finally, there is the coming of computers and the internet. This has had a tremendous amount of impact. It has increased globalization by allowing extremely easy communications between countries. It has revolutionized the way in which firms do business with suppliers. It made, for example, the practice of just-in-time inventory management possible. This helped lead to the boom in discount stores.
In these ways and many more, technological change has changed our economic landscape.
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