Technology Creates 21st Century Wealth – Processes, Problems, and Prognosis

- Prof. William Bradley Zehner II, Prof. Craig Williams, Prof. Gary Pletcher

zehnerbradleyCraig WilliamsGary PletcherScience and technology are the driving forces increasing the global standards of living. The technology – wealth relationship is complex and not well understood presently but recent macro data tends to support Robert Solow’s 1957 observation that societal, company, and individual wealth and increased standards of living is created by application of science and technology to socio-economic challenges.  In 1987, Robert Solow received the Nobel Prize in Economics, for his insight that “seven-eighths” of the world’s increase in world wealth is due to advances in science and technology.   The challenges and costs of of wealth creation are identified. This paper explores wealth as defined by GDP/capita, and the current correlations between world /GDP per capita and R&D spending, the number of scientific and technical articles, and number of patents applications from 2000 to 2012 / 2013 with a forecast of world GDP/ capita to 2025 of approximately $15,000 USD from today’s $10,000 USD.

Professor William Bradley „Brad” Zehner II, St. Edward’s University, University of Texas, Austin, Texas, USA – Dr. Zehner is currently Associate Professor of International Business and Global Entrepreneurship and a Global Innovation Teaching Fellow at St. Edward’s University in Austin, Texas. He is also a Global Fellow at the IC2 Institute (a “think” and do” tank) at the University of Texas at Austin. Dr. Zehner was formerly director of the MS program in Technology Commercialization at the University of Texas at Austin. Dr. Zehner earned his PhD in Executive Management and Leadership from the Peter F. Drucker School at Claremont Graduate University. He also earned master’s degrees in finance and marketing from the University of Southern California as well as psychology from Pepperdine University. Prior to becoming an academic, Dr. Zehner was a global executive. Dr. Zehner has served on the board of directors / advisors of technology companies in the US, Europe, Latin America, and Asia.

Professor Craig Williams, St. Edward’s University, University of Texas, Austin, Texas, USA is an Associate Professor of Management at St. Edward’s University.  Dr. Williams earned his PhD (operations) from Kent State University.

Professor Gary Pletcher, St. Edward’s University, University of Texas, Austin, Texas, USA is an Associate Professor of International Business at St. Edward’s University.  Dr. Pletcher earned his PhD (management) from Kaplan University. 

DOI: 10.14611/minib.20.03.2016.08
Contact: willbz(at)stedwards.edu
MINIB, 2016, Vol. 20, Issue 2

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