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Explain Use of Technology in the Study of Economics

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1. Computer Technology:

  • Complicated economic data and difficult theories of economics can be made easy by expressing in a power point presentation.
  • A large amount of statistical data of economics can be entered in an excel sheet and processing this sheet for any formula at only one click. For – example sum total, averages, dispersion, correlation, etc. Also we can obtain various figures for the data in an excel sheet.
  • There are several programmes in a computer which help us to draw diagrams and graphs in economics.
  • Computer preserves plenty of study material in economics and transfers it in a hard disk or pen drive, in e-mail, drop-box, google drive, digi-locker, etc. and we can access this material and read it in any part of the world.
  • Using statistical programmes like SPSS, SHAZAM, SAS, E-views, etc. almost all types of data can be processed in minutes by entering the right formulae.

Cautions in using Computer Technology:

  • It is an aid in studying but not a study material by itself.
  • It helps to make the study easier and faster but it does not replace the process of studying.
  • If we do not use the right commands in a computer we may end up losing our material.
  • If we do not know the correct formulae and commands, we may also end up getting incorrect graphs and data processing.

2. Internet Technology: Internet is a facility created by digital technology. The use of internet in economics can be described as follows:

  • As tutorials: Through powerpoint presentations we can read guiding study materials in economics on the open access link.
  • As active learning: Some videos of lectures by experts are put on open access sites which students can listen on the net like we do in our classroom.
  • As reading material: Numerous books are available online free of cost on net for reading. Also good research articles, copies of journals, etc. are also available for students to read on net. Such materials are known as e-books, e-journals, etc.
  • As information: Information on universities offering degrees in economics and other details on the subject economics we can get on internet.
  • As data: Data on banking on website of RBI, data on exports and imports on website of Ministry of Commerce and Industries, data on budget on website of Ministry of Finance, etc. Data collected by CSO. NSSO, WHO, UNO, CMIE, ILO, IMF, etc. are put on websites.
  • As miscellaneous: By using search engine on internet many other information like quotes by economists, names of reference books etc.

Cautions in using Internet:

  • A lot of substandard material, irrelevant information, misleading information, ideas of another are found on internet. So we must avoid using such data.
  • Only authentic websites must be refferred to otherswise we may end up getting misled.
  • Data CDs (Compact Discs): Some authentic agencies like laboratories, research centres, government agencies, etc. collect and publish the data on macroeconomic indicators and put huge data in compact discs. Such CDs are sold to and used by educational institutions, research institutes etc. for their studies. Agency namely CMIE (Centre for Monitoring Indian Economy) also creates data software, which are very useful to research institutions and corporations, etc.

Cautions in using CDs:

  • The data CDs contain a huge data. So it becomes complicated to use.
  • A CD consists of several data sheets. So one must have knowledge for searching the relevant data sheet.

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