Economic and Social Implications

Question: Discuss about the Economic and Social Implications. Answer: Introduction: According to Bill Joy, creation of new techniques has both advantages and disadvantages. Invention of therapeutic technologies is meant for restoration of impaired human capabilities to the normal level partly. These inventions, which do well being of human are always welcome. For improvement of social structure, the technological innovation is necessary. Technology improves the productivity of machines and human being. Innovative technology improves peoples standard of living. Harper (2014) argues that modern technology makes human less virtuous due to destructive nature of science. Desire of age reversal is not desirable for society. Technology, which acts for age retardation is harmful for society, as it may lead overpopulation. With the medical improvement, death rate and birth rate have been controlled much in present era. Any technology, which acts against nature, is harmful for society. It hampers life cycle and can destroy the natural system. This incident would increase the average life expectancy, which has economic impact on society. Increase in population raises government expenditure on society. There is a fixed retirement age in government organisation. Government has to take new policy to facilitate that old people after retirement. There is another side. People with large income can only access the technology of age retardation due to high cost. Therefore, a social disparity can arise. In the view of Bourne et al., (2014), age retardation may affect the youth by slowing down the process of physical and psychological maturity. If this happens, there will have negative effect on work force. References Bourne, P. A., Solan, I., Sharpe-Pryce, C., Campbell-Smith, J., Francis, C. (2014). Human Ageing, Mortality and the Role of Macroeconomics Variables in Determining Death at Older Ages.Epidemiology,4(144), 2161-1165. Harper, S. (2014). Economic and social implications of aging societies.Science,346(6209), 587-591.