LeoGlossary: Technology

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A body of knowledge devoted to creating tools, processing actions, and the extracting of raw materials.

It is the result of accumulated knowledge and application of skills, methods, and processes used in industrial production and scientific research. Basically, it is human knowledge which involves tools, materials, and systems. Technology applied tends to result in new goods.

The progress of many economies is often as a result of technology. We see the rise of the "leisure class" due to innovation enabling us to spend less time on acquiring the basics needed for sustenance.

Progress of Society

Technology is the core of the advancement of society. It is often the link between technological progress and economic growth are tied together. Often the largest corporations in any country being the ones that are on the cutting edge of applying technology. Globally, some of the largest companies are Apple, Microsoft, and Google.

Another faction is that technology tends to be deflationary. That means it has the impact of lowering prices or the costs of services.

This obviously has an impact upon the expansion of society. Technology is often at the forefront of disruption, helping to bring new methodologies to a society.


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