The implementation of any technology requires the innovator to analyze the economic, environmental, social, and political factors. An innovation requires the developer to consider the after-design factors to decide whether the technology will be beneficial to the society. The factors to consider are economic and ethical implications of the innovation deployment. Moreover, it is necessary to analyze different ways to reduce environmental implications of technology. Positive feedback from these discussed areas indicates the need to implement the technology while negative research in these areas indicates that the technology is not viable. .
Economic Effects from the Deployment of the New Technology.
The technology has several economic implications that are either negative or positive. The economic consequences of the models have to give the users profit and other benefits. Economic viability of the application depends on the uses, profits, benefits, efficiency and other environmental matters (Abou-Ali, 2012). The technology development price includes the amount of resources placed on the design, research, and experimental analysis of the application. For instance, the technology is profitable if the amount of resources used to develop it is less than the amount the market is willing to pay for its services. .
The technology should also reduce the costs of production in the industries that purchases it. For example, the technology the industry was previously using should have less economic benefits compared to the new technology. Other economic implication includes the competitors of similar products (Abou-Ali, 2012). The competitors might import related technologies from other countries and sell them at lower prices compared to the designed technology. The use of locally made materials, researchers, and resources might increase the overall cost of the device. It is crucial to analyze the negative and positive of the application in terms of economic value.
