The Positive and Negative Impacts of Technology on Economics

Business, News

Technological progress is inevitable because technological advancement will go as outlined by scientific improvement. Each and every development is created to offer positive gains for human living. Technology offers many conveniences and a new way of doing human pursuits. Particularly in the field of technology, the community has appreciated lots of benefits a result of the improvements which have been made.

Technology and Politics

In recent years, technology was initially designed to acquire positive advantages, alternatively could also be utilized for adverse things. Such an example is the introduction of electric scooter Dublin, this innovation had brought on convenience to some but had brought harm to others because of unregulated use. Let’s take a look at further at the positive and negative impacts of technological progress in general to our economy.

Economics – The Pros and Cons of Technological Progress on Economy

Positive:

  • Industrial productivity has increased. Advances in technology will improve the productivity capabilities of the industrial world both in the aspect of industrial technology and in aspects of the type of production
    Economic growth will be even higher
    Competition in the world of work thus requires workers to always add to their skills and knowledge.
    The more widespread use of ICT will increasingly open up employment opportunities
    With advertising facilities on the internet on certain sites will facilitate the promotion and marketing of a product
    Companies can reach a wider market because buyers who access the internet are not limited by place and time
    The company does not need to open a distribution branch
    Fewer expenses, because there are not many employees
    The price of goods is cheaper because the operating costs are cheap
    ICT-based business or commonly called e-commerce can assist in business dealings of a company or individual
    Utilization of technology to create new services in the economy and business include internet banking, SMS banking, and e-commerce

Negative:

  • The occurrence of unemployment for workers who do not have the qualifications in accordance with what is needed
    Consumptive nature as a result of intense competition in the era of globalization will also give birth to a generation that is morally experiencing a decline: consumptive, wasteful and has instant mental shortcuts
    Deceptive deception in the process of buying and selling online that can harm some parties;
    With networks available such as those on several sites that offer online gambling, gamblers don’t need to go to a specific place to fulfill their desires
    Online Buying Resistance. For ordinary people who have never transacted online, will feel awkward when having to trade without face to face or see the seller. Not to mention the fear if the payment is not sent or not received. Or goods not sent, or even goods sent but not received

The US-Mexico Border Wall – Funds Diverted For Wall Construction

General, News, Politics

When building a structure, especially those with stairs, lofts, decks, and balconies, safety is a very much a concern. To ensure safety, building codes necessitate the use of railing systems or balustrades, whether glass balustrades, wood, metal, or stone. Primarily, balusters or balustrades are for supporting the handrail or coping and for the purpose of safety. Walls somehow works in a similar way creating space or an area, security, and support to the structure.

The Border Wall

Just like ensuring safety when building a structure, a country, as it continues to grow and develop, must also safeguard the safety of the nation and the people. For instance, US President Donald Trump on the 25th of January 2017 have signed EO 13767. The Executive Order officially ordered the United States government to start making an effort to build the wall along the border of the US and Mexico expending the standing federal funding. However, the actual building didn’t instantly start because of the substantial amount of money needed to finance to the wall as well as the lack of clearness as to how it would be financed.

The federal government for 35 days, from the 22nd of December 2018 until the 25th of January 2019, was partially shut down due to the insistence of Trump to veto any bill concerning spending that didn’t take into account the funding of border wall which amounts to $5.7 billion in border wall funding.

Funds Diverted For The Wall Construction

President Trump, in February 2019, signed an announcement of National Emergency. The declaration stated that the condition at the border is a crisis that necessitates funds apportioned for other expenditures or purposes to be utilized to construct the wall. A joint resolution was passed by the Congress to reverse the said order; however it was rejected by Trump.

The US Supreme Court in July 2019 ratified the reallocation of the anti- drug funding in the Department of Defense, amounting to $2.5 billion, to build the wall as other legal proceedings carries on. Recently, an added $3.6 billion was reallocated in September 2019. The finance was taken from the funding construction projects of the US military across the world, which includes learning institutions for the American soldiers’ children.

Prime Minister Modi Officially Launches NPCI’s RuPay Card Payment System in the Kingdom of Bhutan

News

India’s Prime Minister Narendra Modi recently spent a two-day state visit to the Kingdom of Bhutan to meet with with Bhutanese leaders led by Prime Minister Dr Lotay Tshering. The visit further strengthens bilateral ties through the signing of nine (9) Memorandum of Understanding (MoU). The agreements signed by the leaders of the two countries included the launching of the RuPay Card, India’s proprietary card payment system.

To officially launch the credit card payment scheme, PM Modi made the first RuPay purchase at Simtokha Dzong, one of the dzongs in Bhutan which currently serves as the country’s administrative and monastic centre.

The RuPay card payment system, owned and operated by the National Payments Corporation of India (NPCI), enables Indian RuPay card holders to make purchases by way of credit and debit cards, as an alternative to the Visa and Mastercard international card payment schemes. The launching of RuPay in Bhutan makes the country the second nation, after Singapore, in which citizens in both countries are empowered to use a RuPay credit or debit card for seamless, cashless purchases.

The MoU signed by the two leaders include a standby swap arrangement involving an additional $100 million made available to Bhutan in meeting the related foreign exchange requirements.

The deployment of the RuPay card payment system in the Kingdom of Bhutan will transpire in two phases. The first phase entails the issuance of Rupay Cards by Indian banks, to qualified Indian nationals, which they can use during their visits to Bhutan. The second and final phase will be carried out by Bhutan banks in which RuPay cards will be issued to qualified Bhutanese citizens for their sojourns in India.

About India’s RuPay Card Payment System

RuPay card scheme was the project conceived by the NPCI in fulfilling the Reserve Bank of India’s (RBI’s) vision to have a locally operated open and multilateral payment system. The goal is to provide Indian nationals with a credit payment facility that charges lower processing fees than the card payment systems offered by Visa and Mastercard.

The RBI through its 2009-2012 vision stated that the need for such payment systems in the country arises from the high cost of affiliation that Indian banks have to bear in order to obtain accreditation with international card companies like Visa and Mastercard. As a result, even domestic credit card transactions that account for more than 90% in India’s market were being routed outside of the country.

Rupay processing fees for credit transactions are 23% lower than those charged by the companies behind the two leading international credit cards. The NPCI collects only 60 paise from the acquiring bank and 30 paise from the bank that issued the RuPay card

Backed by 10 leading banks, 6 of which are public-sector banks that include the Bank of Baroda, Canara Bank, the State Bank of India, Punjab National Bank, Bank of India, and the Union Bank of India; two (2) private-sector banks represented by HDFC Bank and ICICI Bank ; and two (2) foreign banks, namely Citibank and HSBC.

Presently, the NPIC has issued 64 million Rupay Global Cards released between 2014 and March 2019.

Amazon for one, which has an India branch makes it possible for Indian online consumers to stay active members via RuPay cards, especially during the holding of the online store’s annual Amazon Great Indian Sale.

El Paso Mass Shooter Echoes Trump’s “Invasion” Rhetorics but Trump Refuses to Accept Responsibility

News, Politics

The gunman responsible for the El Paso mass shooting last Saturday reportedly posted a manifesto on the 8chan online forum, warning readers about “Hispanic invasion,” minutes before he gunned down shoppers at the El Paso Walmart. The incident has more than ever amplified concerns over Trump’s repeated use of the word “invasion.” Although stated as a rhetoric about the rising number of Latino immigrants coming into the country

Instead of acknowledging even a hint of responsibility that his oft repeated rhetoric about “immigrant invasions:”somehow influenced the El Paso mass shooter to commit the “hate crime,” Donald Trump typically blamed other factors such as mental health and violent video games. He also blames Democrats for linking his rhetoric invasions to the recent spate of mass shootings, including the shooting incident that occurred in Ohio on the same day.

Police identified Saturday’s El Paso mass as Patrick Crusius, who turned 21 a week before he drove 10 hours from his hometown in Allen, Texas to commit a hate crime. Crusius is currently held in El Paso jail without bail and has been charged with capital murder.

Survivors and Witnesses Said Crusius Targeted Only Hispanics

According to relatives of the victims who were also at the scene of the shooting, Crusius was determined to kill only those that appeared to be of Latinx origin.

Chris Grant, a 50-year old African American whom Crusius took shots at only after Grant started throwing soda bottles as a way of distracting the shooter still have vivid memories about the incident. Grant recalls that Crusius had let white and black shoppers leave the store before shooting the victims. Since Grant was shot, he witnessed how the victims kneeled and prayed, begging Crusius to

‘Please! Please! Don’t shoot me.’

Grant said the memory of how Crusius just gunned down people who were already on the ground without any sign of remorse, still haunts him.
Still, Trump refuses to accept that the “invasion” rhetoric directed toward immigrants passing through the US. Mexico Border had nothing to do with the gunman’s actions.

El Paso Residents Want Trump to Apologize to the Community

Generally, the people of El Paso does not intend to welcome Trump upon his arrival. City Representative Alexsandra Annello though received some messages that encouraged welcoming Trump because the mass shooting is not about politics.

The City Representative disagrees, saying that after a week, people can expect Trump to turn around and resume mouthing the same racist rhetoric. After putting the community of El Paso in danger, she does not see Trump apologizing to the Hispanic people.