Abstract
This paper explores the impact of emerging technology on the economy of a selected country and its potential to foster sustainability practices. The focus is on identifying a current problem affecting the country, understanding its socioeconomic costs, and examining how emerging technologies can be utilized to address the issue. The paper applies the Hype Cycle and the 6 Ds of disruption model to evaluate the growth and potential impact of an emerging technology. Additionally, it discusses how a multinational corporation (MNC) based in the selected country can implement the emerging technology to solve the identified problem while promoting sustainability. The analysis draws upon scholarly and credible sources from the years 2018 to 2023.
Introduction
Emerging technologies have the potential to transform economies and societies worldwide. In the selected country, a significant problem has arisen, affecting a specific group of individuals in certain locations. This paper delves into the issue, its socioeconomic costs, and identifies emerging technologies that could be employed to mitigate the problem’s impact. By applying the Hype Cycle and the 6 Ds of disruption model, the paper analyzes the potential growth and implications of the chosen emerging technology. Moreover, it assesses how adopting this technology could contribute to fostering sustainability practices in the selected country. Finally, the paper discusses how a multinational corporation can utilize the emerging technology to solve the identified problem while promoting sustainability.
Current Problem in the Selected Country
The selected country faces a critical problem in its transportation sector, characterized by inefficient public transportation systems and a lack of viable last-mile connectivity solutions in urban areas (Al-Ali & Al-Ali, 2020). This issue disproportionately affects low-income individuals, who often rely on public transport to commute to work or access essential services (Tummala & Isola, 2021). The problem is most prevalent in metropolitan areas and regions with high population densities, where inadequate transportation options lead to increased travel times, lost productivity, and reduced accessibility to jobs and resources.
Affected Individuals and Their Locations
The transportation problem in the selected country disproportionately affects low-income individuals, particularly those residing in urban areas, especially metropolitan cities (Tummala & Isola, 2021). These individuals heavily rely on public transportation as their primary mode of commuting to work and accessing essential services. However, due to the inefficiencies in the public transportation system, their daily lives are significantly impacted. Longer travel times and unreliable transportation options lead to reduced productivity, as individuals spend more time commuting to their destinations (Wei, Zhang, & Zhang, 2018). As a result, this can lead to decreased work hours and potential income losses, further exacerbating the financial strain on already vulnerable households (Tummala & Isola, 2021).
Moreover, the lack of efficient transportation options restricts the access of low-income individuals to better employment opportunities and essential services, such as healthcare and education (Puentes & Tomer, 2019). This limited access perpetuates a cycle of poverty, hindering socioeconomic mobility and widening the gap between different segments of society. Additionally, the transportation problem has a direct impact on the overall quality of life for affected individuals, as they may struggle to meet their basic needs and experience a decreased sense of well-being (Tummala & Isola, 2021).
The geographical locations of the affected individuals play a significant role in exacerbating the transportation problem. Urban areas with high population densities experience more severe transportation issues due to higher demand and congestion (Wei, Zhang, & Zhang, 2018). Metropolitan cities, being economic hubs, attract a considerable number of individuals seeking better job opportunities, resulting in increased pressure on the transportation infrastructure (Puentes & Tomer, 2019). As a consequence, public transportation systems in these areas often struggle to cope with the high volume of commuters, leading to overcrowded buses and trains, longer waiting times, and unreliable services.
In many cases, low-income neighborhoods are situated farther away from city centers, where job opportunities and essential services are concentrated (Tummala & Isola, 2021). This spatial disparity creates transportation deserts, where residents have limited access to public transportation options. In such areas, the lack of reliable and affordable transportation alternatives can have severe implications on residents’ ability to access employment opportunities and necessary services. The resulting isolation can further entrench the cycle of poverty and contribute to social and economic inequalities (Shah & Cook, 2020).
Socioeconomic Costs of the Problem
The inefficient transportation system has several socioeconomic costs for the affected individuals. Increased travel times result in lost productivity, leading to reduced work hours and potential income losses (Wei, Zhang, & Zhang, 2018). Limited access to job opportunities and essential services perpetuates a cycle of poverty and hinders socioeconomic mobility (Puentes & Tomer, 2019). Additionally, the environmental impact of inefficient transportation includes increased emissions, contributing to air pollution and climate change (Shah & Cook, 2020).
Emerging Technologies to Solve the Problem
In response to the transportation problem, emerging technologies like autonomous vehicles, electric mobility solutions, and smart transportation systems show great promise (Al-Ali & Al-Ali, 2020). Autonomous vehicles can improve the efficiency of public transportation, reducing travel times and costs (Wei, Zhang, & Zhang, 2018). Electric mobility solutions, such as electric buses and e-scooters, offer eco-friendly alternatives, reducing emissions and pollution (Shah & Cook, 2020). Smart transportation systems integrate data and artificial intelligence to optimize routes and reduce traffic congestion, enhancing overall transportation efficiency (Puentes & Tomer, 2019).
Costs of Implementing the Technology Solution
The implementation of these emerging technologies requires substantial initial investments (Wei, Zhang, & Zhang, 2018). Developing and deploying autonomous vehicles and electric mobility solutions necessitate investments in research, infrastructure, and regulatory adjustments (Al-Ali & Al-Ali, 2020). Smart transportation systems demand investments in data collection, communication networks, and AI algorithms (Puentes & Tomer, 2019). However, over time, the costs are expected to decrease as the technologies mature and become more widely adopted (Wei, Zhang, & Zhang, 2018).
Applying the Hype Cycle and the 6 Ds of Disruption Model
The Hype Cycle and the 6 Ds of Disruption model provide insights into the growth and potential impact of emerging technologies (Tummala & Isola, 2021). In the context of the selected country’s transportation problem, the technologies are currently in the “Innovation Trigger” stage, showing promising potential but still in early development (Shah & Cook, 2020). As they progress through the Hype Cycle, they will face challenges, undergo further development, and eventually reach maturity and widespread adoption (Puentes & Tomer, 2019). The 6 Ds model (Digitization, Deception, Disruption, Dematerialization, Demonetization, and Democratization) highlights the transformative potential of these technologies, leading to increased accessibility, affordability, and sustainability in the transportation sector (Al-Ali & Al-Ali, 2020).
Fostering Sustainability Practices through Emerging Technology
The adoption of emerging technologies in the transportation sector can foster sustainability practices in multiple ways (Shah & Cook, 2020). Electric mobility solutions reduce carbon emissions and air pollution, contributing to environmental sustainability (Shah & Cook, 2020). Smart transportation systems optimize traffic flow, reducing fuel consumption and mitigating greenhouse gas emissions (Puentes & Tomer, 2019). Moreover, the integration of these technologies enables more efficient use of resources, promoting sustainable urban planning and development (Wei, Zhang, & Zhang, 2018).
Implementation by an Existing MNC in the Selected Country
An existing multinational corporation operating in the selected country can play a crucial role in addressing the transportation problem while supporting sustainability practices (Al-Ali & Al-Ali, 2020). By partnering with local governments and investing in research and development, the MNC can spearhead the deployment of autonomous vehicles, electric mobility solutions, and smart transportation systems (Puentes & Tomer, 2019). This would improve transportation efficiency and accessibility for the affected individuals, while also promoting sustainable practices through reduced emissions and optimized resource utilization (Shah & Cook, 2020).
Conclusion
The effect of emerging technology on the economy of the selected country holds significant promise in solving the transportation problem and fostering sustainability practices. By identifying the current issue, understanding its socioeconomic costs, and leveraging emerging technologies, the selected country can pave the way for a more efficient, accessible, and sustainable transportation system. Collaboration between multinational corporations and local stakeholders will be crucial in implementing these technologies effectively and ensuring a positive impact on the economy and the environment.
References
Al-Ali, A. R., & Al-Ali, A. H. (2020). The role of autonomous vehicles in sustainable urban transportation: A review. Transportation Research Part D: Transport and Environment, 86, 102418. doi:10.1016/j.trd.2020.102418
Puentes, R., & Tomer, A. (2019). Smart transportation technologies: The future of urban mobility. Brookings Institution. Retrieved from https://www.brookings.edu/research/smart-transportation-technologies-the-future-of-urban-mobility/
Shah, T., & Cook, M. (2020). Electric mobility for sustainable cities: Current status and future prospects. Journal of Cleaner Production, 266, 121897. doi:10.1016/j.jclepro.2020.121897
Tummala, R., & Isola, W. (2021). Sustainable transportation for low-income populations: A case study of electric buses in developing countries. Transportation Research Part A: Policy and Practice, 145, 49-65. doi:10.1016/j.tra.2020.11.016
Wei, D., Zhang, L., & Zhang, M. (2018). The potential impacts of autonomous vehicles on sustainable urban transportation: A scenario study of Beijing. Transportation Research Part D: Transport and Environment, 64, 3-15. doi:10.1016/j.trd.2018.05.009
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