TECHNOLOGICAL DEVELOPMENT AND ITS EFFECTS ON ECONOMY: AN INTERDISCIPLINARY STUDY

Abstract

Science and technology aim to make it possible for organisations and individuals to use technology more effectively in order to reduce costs and boost production. Utilising new technologies paves the way for the development of novel, less expensive goods as well as capital accumulation, an improvement in the standard of scientific research institutions, and, for that matter, an improvement in the global competitiveness of specific nations. On the other hand, it also aids in the political and cultural advancement of societies. Both the qualities and the size of growth rates are important. The questions listed below could be used to determine whether or not growth affects people's lives: Are people included in being a part of the growing process? Does everyone value the opportunities that come with development? Do people have more options as a result of new technology or increasing transaction volume? Is the welfare of future generations planned at all? Otherwise, only the current generation is given consideration. Are marketplaces available and open to everyone? There is no escaping the fact that technology significantly affects every part of our lives. Economic development is not an exception to the rule that technology drives change in everything from daily activities to societal functioning.

This chapter focuses on gaps and concerns in how legal and human rights issues related to the role of technology and economic growth are being addressed. The chapter advances the conversation—important given the seriousness of how AI technologies affect vulnerable people and groups and their human rights—while also recognising the excellent work being done in the field of AI law and the necessity of ongoing assessment and flexibility in strategy.