Technology, Innovation and Social and Economic Growth: Impact on Social Equity and Justice

Innovation is defined simply as a "new idea, device, or method". The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society. In industrial economics, innovations are created and found empirically from services to meet the growing consumer demand. In this backdrop the paper will discuss about the developments in technology which have brought enormous benefits to almost all people in society. Most people today have access to goods and services that were once luxuries enjoyed only by the wealthy in transportation, communication, nutrition, sanitation, health care, entertainment, and so on. Further the social impacts of inequalities in access to ICTs depend in part on the social context into which new ICTs are introduced. It is also important to review the technological advancement of scientific knowledge, infrastructure and productive capabilities, educated and skilled human resources, entrepreneurial skills, commercial organization and a rapidly expanding global social network offer unprecedented opportunities for rapid social progress. In conclusion the paper will evaluate the impact of technology and social and economic growth of “socially just society” is one in which all people matter equally. The needs and interests of the poor and the powerless are just as important as those of the rich and powerful. While some inequalities are justifiable (such as those based on talent, for example), all unjustifiable inequalities are removed from a socially just society.