Meghnad Desai Academy of Economics (MDAE), India’s leading postgraduate institute for Economic, Data Analytics, Finance and Public Policy, hosted its Expert Series on ‘The Impact of Technology on the Economy, Society and Politics’ featuring Dr Abhinay Muthoo, the former Dean of Warwick in London and the visiting professor at MDAE for Economics. The one-hour virtual session, held on July 22, 2022, at 5 p.m., discussed how technological innovation is inextricably linked to economic growth, economic development, and the socio-economic fabric of society.
Dr. Abhinay Muthoo, former Dean of Warwick in London, talked about the key causes of the wealth of nations. While doing so he posed some questions including the following, “What makes some countries richer than others? What has made the United States a world leader for so long? What have been the factors that have allowed the US to remain at the top for so long? Technology and technological innovation is a key part of the answer to all such questions.
The United States currently has an economy worth circa 20 trillion dollars, and its tech industry is a key part of its success. It was the government’s policies that allowed people like Microsoft’s Bill Gates and Apple’s Steve Jobs to become so successful and be so creative.
At 13 trillion dollars, China’s economy ranks second, while India currently is only at 2 trillion dollars of GDP per year. The USA will remain at the top of this list for a very long time. But if countries like China and India keep growing at a faster rate and implement better economic policies than the US, they could surpass the United States in 60 years or so and become the world’s economic leader.”
Prof. Amlesh Kanekar, Director of Academic Programs, Meghnad Desai Academy of Economics, said, “Technological advancements have been at the forefront of transforming almost every aspect of society. They have indeed played a crucial part in bringing about economic growth and developing the country’s socio-economic structure. The session by Dr Muthoo was insightful, guiding attendees on how to act and participate in accelerating economic growth while playing an active role in policymaking.”
During the session, Dr Abhinay Muthoo shared the role of technological progress in the efficient production of more and better goods and services, leading to economic growth. He gave a concise overview of the relationship between technical advancements, economic development, and gradual changes in the socio-economic structure of the country. He further discussed the rampant need for policy intervention to direct the application of technology innovation to economic development and the significant role politics plays in formulating these policies.
Dr Muthoo also emphasised on the deep connection between technological advancements and the entrepreneurial spirit and risk taking. Finally, he offered his professional view on how people might participate actively in effective crucial policy interventions, taking into consideration students, educational institutions, corporations, and society at large.
Dr Abhinay Muthoo is a globally acclaimed economist with expertise in applied microeconomics, game theory, negotiations, and public policy. He has over 37 years of teaching and research experience at prestigious universities, including the University of Cambridge, the London School of Economics, Harvard University, the University of Bristol, the University of Warwick, and the University of Essex. Over the years, he has taught numerous economics courses, including microeconomics, game theory, development economics, industrial organisation, and political economy.