Balancing the Benefits and Challenges of Technological Advancements: A Socio-Economic Perspective

Ishaan Rungta

Abstract: Technology has profoundly impacted modern life, transforming economies, social structures, and industries worldwide. While innovations in automation, artificial intelligence, and digital platforms have boosted productivity and economic growth, they also present significant challenges, such as job displacement and increased inequality. Furthermore, the digital divide and concerns over privacy and security highlight the social complexities associated with technological advancements. As technology continues to reshape society, it is essential to adopt a balanced approach that maximizes its benefits while addressing its downsides. This requires collaboration among policymakers, businesses, and educators to promote equitable access to technology, support workforce transitions, and protect individual rights in an increasingly digital world.

Keywords: technology, socioeconomic impacts, digital divide, job displacement, privacy concerns