Effect of Digital Technology on the US Economy

The rise of digital technology impacts the global economies in different ways; it has impacted how different people interact and transact with each other. Therefore, it has certainly created an effect on the regional, global, as well as the local economies. The successive waves of inventions have led to the technological realities that within a single generation, the world economies have undergone transformations in different aspects of personal lives, society at large and the businesses. In the United States, specifically, digital technology continues to enhance business operations including the production processes. In modern times, the growth of the economy is dependent on the level of application of digital technology. In the United States of America, digital computer technology revolutions open up diverse economic concepts, some of which are just on the trial or are beginning to be accepted and understood. The application of digital devices such as mobile phones, computers, as well as video games is on the increase especially in the United States of America. Technology has thus helped humanity in facilitating work processes leading to the growth of economies. The paper discusses the impacts of digital technology on the United States' economy.

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In the United States, while large enterprises have realized major profits from the digital or technological revolution, small businesses, individual consumers or upstart entrepreneurs are also some of the beneficiaries of the rise of digital systems (Muhleisen 27). Both small and large scale businesses contribute to the American economy. Thus, with the realization of benefits, there is equal growth in the United States economy. Digital technology comes with the internet empowering influence whereby there is an interconnection of people and organizations across the globe. Digital technology is changing the way people socialize, work and share information on different deals across the world. There, the United States is the superpower and economic powerhouse benefits much from these continues interaction. Digital technology, therefore, contributes immensely to the growth of the American economy. It facilitates the exploration of different markets for the products. The increase in the use of computers, robots and other forms of digital technology facilitates the production processes, a situation that leads to an increase in the Gross Domestic production and per capita income. Internet, as a component of digital technology, accounted for twenty-one percent growth in GDP specifically in mature economies such as the United States over in the last five years. Digital technology is applied in every sector in the United States, as a result, it aids millions of online transactions as well as communication. Thus the technology leads to an increase in productivity, increased rate of employment and general growth in efficiency in business operations.

In the United States of America, digital technology is impacting every industry in areas such as employment, financial policies, and competition. With digitalization comes effective communication systems that enhance business operations. With the increase in the application of different digitalization components, there is a rise in the number of organizations that deals in the design and manufacture of these gadgets. There is also the rise of different service providers. Thus digitalization has a great impacts growth of various companies that are not only the pride of the United States but also the major contributors towards the GDP. Companies such as Facebook, Microsoft, Apple, and many others remits a high amount of taxes that contribute to the growth of the United States economy. Additionally, this organization provides employment opportunities both locally and internationally. The digital platforms often open the markets for locally produced goods. Different platforms such as e-bay emerged as a result of digitalization, it opens the market for various goods and service from the United States. I short, digital technology has improved business operations, a scenario that proves to be beneficial to the American economy in terms of profit maximization.

Due to the emergence of digital technology, the impacts of the digital economy are being felt in different sectors. For example, some of the products and services that used to be analogs such as music travel arrangements, translations, and media services are becoming digital. Digitalization is making work much easier and producers from different sectors of the economy from agriculture, transportation to production processes are becoming much faster. In most cases, the strength of an economy is dependent on the rate of production processes because with the faster rate in the manufacturing process companies are able to increase their sale volumes, a situation may lead to an increase in the number of customers; with digital technology, the organization within the United States have been able to achieve the above scenario. The rise in digital technology has revolutionized the way American companies undertake businesses by elevating smaller businesses to the level of larger organizations (Brynjolfsson, Erik, and Lorin 26). Digitalization presents an array of techno products from mobile devices to the servers that create a competitive advantage within the economic marketplace. The development of digital technology has thus increased the business activities both to the small and large organization, additionally, there has been an expansion of small organizations; all these contribute to the growth of the United States' economy.

The rise of digital technology in the world has caused a drastic change from traditional ways of communication such as verbal, telegraph, broadcast, telephone and print media to numerous social media websites and apps. In the United State, the above changes have huge impacts on the economy. The above development has prompted businesses to consider a change in marketing strategies in the interests of their consumers. With the invention of digital platforms, there was an increased use of different programs that are able to facilitate organizational operations and business processes. Social media is one of the forms of digital technology that today helps many businesses to conduct marketing processes. Most organizations in the United States relies on social media to showcase their products, a situation that leads to an increase in sales. Social media has become a phenomenal form of digital technology implemented in the business operations of today. Social media is highly interactive since it connects many people across the world; it, therefore, becomes the most efficient methods of advertisement technique. The above reason explains why the most prominent networks like Twitter, Facebook, and LinkedIn continue to become popular in the current digital market.

Social-cultural factors play essential roles in economic growth. Language, ethics diversity and fragmentation, civic norms, religion, and beliefs, are some of the socio-cultural determinants that have immense effects on economic growth. In many cases, ethics diversity may have negative consequences on the growth by reducing trust among the people and businesses (Boldeanu, Florin, and Liliana 301). In addition, it can have negative consequences on education, underdeveloped financial systems, political instability, underdeveloped infrastructure, and high public deficit. However, with the development of digital technology, these problems to some extent are solved. The application of digital technology incorporates social media platforms that bring people together, it integrates cultures thereby enabling people to have common practices geared towards enhancing economic growth. In the post-digital era, the United States has experienced tremendous economic growth due to the expansion of the market characterized by the common sociocultural created by digital technology. The United States has enjoyed the period of economic growth because digital technology has enabled most companies to outsource business functions to other organizations or businesses in the international and national environments. In most cases, outsourcing enables companies to lower costs and concentrate on completing the business functions they do at their best. Digital technology has enhanced customer service and technical support; besides these are the two common function that most organization outsource. In the United States and in other parts of the world, small business owners can consider some operations if they lack proper facilities or manpower. The digital technology has come with the outsourcing platforms that enable companies to outsource function in the least expensive areas possible both locally and in foreign countries.

In the United States, digital technology enhances the implementation of government policies. Specifically, economic strategies, today relies on digital platforms. Before the emergence of digital technology, most of the government organizations relied on analog approaches while trying to implement essential economic policies. These platforms took time for the public to fully realize the full benefits of the above programs. Today, amidst the increased use of digital technology, the economy has greatly changed, implementation of policies such as those of healthcare takes a shorter time (Katz 41). Today most companies are successful due to the use of digital technology, as a result, both the state and the federal government enjoys massive taxes as a result of profits made from businesses. The main reason behind the increase in prioritization is the facilitation of brand development through digital advertisement. When building the brand identity, the company needs to consider several factors to ensure cohesive, strong, and consistent brand distinctiveness. The businessmen need to understand the market and analyze themselves in order to ensure the conformity of their services with the demands of the consumers. Defining the key business objective is one way of building the business brand for it will enable the customers to understand the company. The brand identity should be strategic, multi-disciplinary, and should support the general information of business goals.

Digital technology drives entrepreneurship and also attempt to solve the problems of unemployment. Entrepreneurship is the procedure of launching, designing, and running a new venture which is usually a small business meant to grow into a bigger one. The individuals who develop these business ideas are referred to as entrepreneurs (Griswold 23). In other words, entrepreneurship has been defined as the willingness and the capacity to organize, develop and accomplish a commercial idea amidst the risk that comes with it in an attempt to make profits. Increase in the rate of employment has been experienced in an organization that deals on digital equipment. With the increase in the application of technological equipment, there is a lot of demands, a situation that forces companies to engage a high number of employees. Additionally, most companies have also considered the expansion and opening of new branches to increase the rate of production. These branches too, offer employment at different levels from management to the casual laborers. United States economy has therefore benefited largely due to the emergence of digital technology. The advancement in digital technology has highly influenced the medical activities in the various field of specialization. Digital technology has improved several aspects of dental care. The practice of patient record management has been facilitated by the adoption of newly computerized programs that are able to carry out detailed information about the patients. The application of digital tech...