The Impact of Technological Innovation on Production

Abstract

Technological Innovation which implies the development of new thoughts, items, administrations, and procedures that will improve technology solutions has provided a better lifestyle by improving the standard of living in the area of production. Due to the rapid developments made by humankind in terms of scientific and technological innovations, which signaled the industrial revolution, and growth of mega-industries across the turn of 20th century which although lead to an increase in standard of living, coupled with an unprecedented economic growth rate and a rapid increase in population growth rate around the world, has led humanity to stretch and put serious strain on the natural resources and environmental limits of the earth. The deficiencies in production has gradually been combated but it was discovered that innovation from technological bearing has played a significant role in the productivity outcomes of most production processes. This paper focuses on brief views on technological innovation and the impact of construction technology, agriculture technology, biotechnology, nanotechnology and health biotechnology on production.