Advanced Technology the Key to the Chinese Economy Development Essay

Advanced Technology the Key to the Chinese Economy study - Essay ExampleChina failed to take the next step and the topic of discussion of the articles revolves around the arrive of failure taking the Needham under consideration. The high-level equilibrium trap The above concept was first proposed by Mark Elvin and later on supported by any(prenominal) eminent historians. Elvin analysed the economy and the surprising technological advancements and came let on with the hypothesis of inadequate capital, constraints in the market, lack of entrepreneurship to be the major begins of failure. He supported his view with examples and evidence. The incentives behind(predicate) technological innovations were led by family farming, the market system and the fee-simple ownership. So the advancement took the rising curve ab initio (Maluste, 2011, p.22). The community expanded rapidly and the amount of defeat got limited. The necessitate amount of food to feed the immaculate population got limited leading to cheap labour and cost of capital increased. So the country lacked the required surplus necessary for sustained industrialization. Although China reached the threshold level at the fourteenth century the population grew to such a level where in that location was no requirement for the labour saving devices (Lin, 1995, p.272). The potential of cultivation is correlated with agriculture. If there is inhibition of technology the equilibrium trap is absent. Therefore, the focus should be towards the rising cause of land ratio and the reason which can be stated is the lack of inventive creativity. According to Chao, the declension of man to land ratio was not due to the orientation of inventions. If the man to land ratio of the ordinal century is taken into account the necessitate of no need for technological advancements appears tenuous. The surveys proved that in those periods there was not a single day where the farm households were not occupied in the farml ands. Therefore the claim of no need of labour saving devices is not valid (Bloom, et al, 2006, p.1). The other reason stated by the above-discussed hypothesis is inadequate surplus from agriculture rising from weak man to land ratio. This reason has some flaws as well. The surplus of per capita should have been higher in the fourteenth and fifteenth century than that achieved in the duodecimal century. Again there is no empirical support to claim the statement that high man to land ratio depleted from the agricultural surplus. Therefore the concept of high-level equilibrium trap stands invalid in analysing the reasons of absence of industrial revolution in China (Kuijs, 2012, p.15). Population, Science and innovations China failed to reap the benefits of technological advancements as it did not transform the experience based procedure of discovery to experiment cum science-based improvement. The Needhams model assumes the source of the invention to be trial and error. One type of trial and error is based on experience while the other is based on experiment. The cause refers to the activities of peasants on the farmland while the later trial and error refer to the activities of the investor to innovate new technologies. The technology can be freely obtained from the former while that from later trial and error is costly. The implications drawn from the Needhams model are discussed below (Swamy, 2010, p.12). The chance of invention or innovation of new technology is dependent upon the positive function of the number of trials.