Impact of Political Empowerment of Women on the Economy
The primary aim of any country is to have consistent economic growth. The economic growth of a multi-dimensional variable depends on many factors. In short, a chain of activities contributes to a country’s economic growth. One of the reasons for economic growth is technological innovation. Technological innovation is the change in a process that yields greater output with the same input. Technological innovation is further dependent on women’s empowerment. Women can indeed be a greater contributor to technological innovation. Since women constitute half of the population in many countries and even more than half of the population in some countries, the participation of women in the economic growth of a country is inevitable. All the above statements give rise to one question, what would happen to the economy of the country if women don’t find a place to contribute?
Contribution of Technology to the Economy
Innovation is an activity in which incremental changes made to an existing process, can lead to simplification of the existing process and an increase in output. Technological Innovation is the same activity done with the help of technology. As we all know, the Supply of a country depends on technology. GDP (Gross Domestic Product) is the total output produced by a country at a given point in time. A country’s GDP is the sum of Consumption, Government expenses, Income and Net Exports. Consumption is related to the spending power of people. Government expenses deal with the expenditure of the government for various schemes. Income is the total income received as a result of labour activities. Net Exports are the difference between a country’s exports and imports. When the manufacturing output of the country is increased, the country produces more and the surplus is exported to other countries. Exports of the country are positively related to the country’s GDP. So, as exports increase, there is growth in the economy of the country. GDP per capita loss can be significant when women don’t take managerial positions and can be even higher when women are not present in the labour market. Every individual is born with a unique talent, so denial of access to women in managerial positions and the labour market can have serious consequences on the country’s economy. Such exclusion of women would slow down technological progress, reduction of goods and services produced, reduce the overall productivity and as a result, negatively affect the economic progress. So, on the whole, a country’s economic growth is dependent on the level of technological innovation in the country.
Role of Women in Technological Innovation
Technological innovation requires the complete involvement of human capital. Each one can be a significant contributor to ideas. But to encourage idea generation, each one should be given a representation, freedom for speech and the opportunity to pitch in their opinions. When everyone is important to technological innovation, the role of women is unavoidable. Women can be significant contributors in all sectors. Particularly, they can play a major role in healthcare, education and human well-being. So, as already said, the participation of women depends on three variables, representation, freedom of speech and opportunity. These three factors can help women involve themselves in technological innovation giving rise to the economic growth of a country. The result of three factors can be a list of suggestions to make technological improvements.
Representation of Women
The primary factor that can help women is their representation in society. When women are considered as an identity similar to men in terms of intelligence, strength and emotions, they are observed as stakeholders in any situation. The role of women is commendable not only at a micro level but even at a macro level. Microeconomy is related to an individual, a firm or an industry. At the micro-level of the economy, they have the ability to take important decisions related to healthcare, education and the well-being of the family. In terms of healthcare, women can help individuals acquire the required health in the labour supply. In this way, every individual should be able to play a vital role in policy decisions. In terms of education, women can help their surroundings, and improve the literacy rate. And undoubtedly, women are responsible for the complete well-being of their families. Macro-economic affairs deal with the study of the economy at an aggregate level. Women do play a vital role in macroeconomics by controlling the infant mortality rate. So, the representation of women can enhance technological innovation thereby improving economic growth.
Freedom of Speech
The second important factor that helps women play their part in economic growth is the freedom to express their opinion. Freedom of speech is as important as a representation of women. When any decision is to be taken, women make a deeper analysis of the consequences and the impact of the decision. Diverse opinions are always preferred when it comes to innovation. One of the popular methods is “Brainstorming”. In this particular technique, everyone in the group is given the freedom to voice their opinions regardless of their position or nature. Many successful organizations are those which give importance to brainstorming. When employees involve themselves, they gain job satisfaction as well as organizational citizenship. So, whatever the context, whether it is a business firm or a state or national level decision-making, the role of women can prove vital. So, when women are given the freedom to express their views, it can lead to technological innovation and can uplift the country’s economy on the whole.
Provision of Equal Opportunity
Third, providing opportunities is very important for every woman. Even when representation and freedom of speech are given to women, the opportunity has to be given to represent themselves and give their opinions. Technological innovation can have positive consequences when women are allowed to effectively participate in political discussions, society or in the media. So, equal opportunity has to be given to every woman to show their strengths and talents in all situations. This will definitely help organizations improve their production, improve productivity, increase the level of exports and result in the economic growth of the country.
Women empowerment is important for any country aiming for growth. Though there are many advantages, this article has dealt with the contribution of women to technological innovation. From the law of supply, it is clear that technology is positively related to supply. When the country has an excess supply of goods and services, it will help the country export more than usual. So, Technological innovation is the primary source of economic growth. In this way, economic growth is positively related to women’s empowerment. When women are provided three factors, like representation, freedom of speech and opportunity, they will be able to make a significant impact on the country’s economic progress. So, it is essential for any country to provide individualized attention to every woman, encourage them and improve the involvement of women in society.