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The technology selected for the assignment is geographic information system (GIS) and its impact on urban planning or real estate market. Critically discuss how a new technology impacts the equilibrium in product markets. Also elaborate on the potential implications of this technology on the economy as a whole.
Introduction
A brief Economics Assignment is undertaken based on application of Geographic Information System (GIS) and its implication on real estate market or urban planning. For the purpose of understanding the implication in a better manner, a critical discussion is carried on based on the way adoption of technology tends to affect product market equilibrium has been focussed on.
In addition, a brief elaboration on basis of potential implications of GIS on the overall economy has also been given adequate attention. It can be stated that incapability on part of the organisation to get access to adequate technology required for efficiently undertaking business related activities might tend to make the organisation concerned incapable to survive in the world of competition. It can be highly problematic on part of real estate market to get knowledge of sufficient vacant lands required to meet the level of demand of its targeted customers.
This is mainly owing to the fact that it is quite impossible on part of the individual or the organisation concerned to know the geographical condition of every possible place on the Earth. Such incapability is likely to affect the state of equilibrium condition of the market concerned. Thereby, GIS technology that helps in detection of storage and display of data in relation to prevalence of various positions within the surface of the Earth via computer tends to play an effective role in this regard.
A critical discussion
A critical discussion based on the way adoption of technology tends to affect product market equilibrium. Equilibrium plays a major role in case of efficient performance of various sectors present within the prevalent market structure. This is mainly followed by equalisation of level of supply to the level of demand imposed. Incapability to match the prevalent demand level to the existing level of supply might tend to act as a barrier on part of the organisation concerned to maintain its existence within the existing market structure.
Adoption of adequate technology helpful in smooth conductance of business related activities can play an important role in this regard. As cited by Bonroy and Constantatos (2014), technology helps the organisation concerned maintain its overall supply chain in a proper manner by enhancing its level of productivity adequately as per the level of demand. This, thereby, helps the organisation attain an equilibrium condition and earn a good reputable position not only within the industry concerned but also among its customers targeted.
However, it can be said that it might be often impossible for the business sector concerned get access to adequate technology helpful in efficient performance of the business related activity undertaken. As opined by Abdulai et al. (2015), this might be either owing to insufficient availability of financial resources on part of the organisation to adopt the required technology or in case the organisation concerned bear lack of knowledge about availability of such a technology. Prevalence of such issues on part of the firms might tend to hamper the level of productivity and as a result their profit margin level. On other hand, lack of skill on part of the employees associated with the business sector concerned to make use of the newly emerged technologies or machines at the time of involvement in various business activities can be regarded as another major issue (Noor et al. 2015).
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Associated Issues
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Remedy
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Improper access to newly emerged technology
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Adoption of technology or recruitment of people that can help access information about newly emerged technologies within the market structure.
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Insufficient financial resources
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Keeping aside financial resources helpful for the business sector concerned to adopt technology as per requirement.
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Prevalence of less skilful workers
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Adequate training and development sessions to update the skill level of workers in relation to technology.
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Such issues can be overcome through undertaking the process of adoption of technologies that can help the firms obtain adequate knowledge or details about prevalence of advanced technology within the existing market structure. In addition, adequate initiative on part of the business sector concerned to conduct training and development sessions that can help all its existing employees remain technically updated can help to a great extent in this regard.
As opined by Zhang et al. (2014), this is largely guided by the fact that technical up gradation would help the employees easily adapt themselves to make use of the brand new technology adopted by the business sector concerned. It is to be noted that lack of training in case of adequate implementation of technology might create a level of efficiency on part of the workers to carry out the allotted business related activities effectively. This, as a result, might tend to affect the productivity level of the business sector concerned thereby affecting the level of revenue earned.
Usage of GIS technology in case of smooth performance of real estate market can be a sole example in this regard. This is mainly guided by the fact that adoption of GIS in case of the organisations associated with real estate market assists in locating places suitable for construction. This also helps in getting access to adequate data. This tends to play a vital role in case of obtaining idea about the kind of resources useful for smooth undertaking of construction activity within the selected area (Steinberg and Steinberg, 2015).
Besides this, it is also to be noted that GIS plays an active role in case of helping the organisations associated with real estate get an idea about the employment status of people dwelling within the economy at large (Been et al. 2016). This, in a way, helps the organisations concerned get adequate access to number of workers required to carry out all its planned manufacturing process. Exact location of construction sites followed by proper availability of required labour force play an important role in case of helping the organisations concerned maintain its level of productivity in accordance to the planning activity undertaken. This contributes to enhancement of growth of the organisation concerned as a result of gradual increase in profit margin.
Briefly elaborate potential implications of GIS technology on the overall economy
Economic developers are required to take into consideration effective tools related to decision making for the sole purpose of making informed decisions based on various new business related activities planned to be undertaken. As mentioned by Xu and Li (2014), it is the implementation of GIS technology that helps in effective and powerful delivery of functionalities helpful for economic developers to sustain growth and economic recovery. GIS tools are highly capable of providing necessary platform for collaboration, analysis, modelling and visualization.
It has been observed that GIS technology tends to benefit the overall economy by helping it get a presumed idea about emergence of some sudden violent storm. Violent storms usually lead to excessive erosion which tends to affect the farmers of the economy by degrading their level of agricultural productivity. Focus on this fact helps the farmers’ concerned take preventive measures from beforehand which thereby help them exit a situation of loss.
In opinion of Ajayi et al. (2015), this plays a vital role in case of maintenance of stability of the economy concerned owing to the fact that loss incurred on part of the farmers tends to put a lot of stress in case of adequate supply chain management of crops. This tends to affect the health condition of people dwelling within the economy and affect the overall growth of the economy as a result of insufficient supply of food from the farmers’ end. Such poor level of performance on part of the economy is bound to affect the profitability level of various sectors of the economy and hamper its GDP level.
This is mainly guided by the fact that under performance of one of the sectors of the economy is bound to affect the performance level of other sectors which tends to reduce the purchasing power level available in hands of people of the economy. The sectors facing degradation in level of productivity as a result of improper health condition is likely to affect the productivity level of business sector concerned. This result in termination of employees on part of the business sector concerned for the sole purpose of avoiding a situation of loss (Irwin et al. 2014). This, thereby, tends to play a major role in curtailing the level of level of demand on part of the customers targeted by different sectors and contract the economic condition of the concerned economy as a result.
Besides this, prime focus can also be given in case of ability of GIS technology to estimate the rate of unemployment prevalent within the structure of the economy at large since it provides a brief idea about the employment status of people dwelling within the society along with their age level (Brown et al. 2014). This, in a way, helps the government of the economy concerned carry out all its employment generation activities based on the level of unemployment prevalent. This is highly important in case ensuring growth level of the concerned economy in the near future and thereby maintain or enhance its productivity level.
In addition, proper estimation of unemployment rate can also help the government concerned conduct a survey upon the unemployed people. As opined by Orford (2017), this would help the government get to know the exact reason behind such rate of unemployment prevalent within the economy concerned which, thereby, would help the concerned government authority organise adequate training and development sessions highly required to upgrade the skill level or knowledge of the prevalent unemployed mass. This is mainly guided by the fact that such training and developments can help such unemployed mass to a great extent to get access to newly generated employment opportunities (Bramley and Watkins, 2016). To sum up, the implications of GIS technology is provided in a tabular format below:
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Implication of GIS Technology
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Advantages
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Forecasting of storms or any erosion within the environment.
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Helps the farmers of the economy take preventive measures from beforehand which thereby help them exit a situation of loss. This forecasting helps in prevention of degradation of various productive activities undertaken by the organisation concerned through the process of maintenance of proper health condition of the people of the economy.
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Estimation of unemployment rate of the economy concerned.
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Proper estimation of unemployment rate is of great help on part of government of the economy concerned to design adequate employment opportunities for the sole motive of curbing the unemployment rate if required (Nichols, 2015). Help the government sector of the concerned economy get an idea of exact reason behind prevalence of unemployment mass within structure of the economy concerned.
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Abdulai, R.T., Obeng-Odoom, F., Ochieng, E. and Maliene, V. eds., (2015). Real Estate, Construction and Economic Development in Emerging Market Economies. London: Routledge.
Orford, S., (2017). Valuing the built environment: GIS and house price analysis. London: Routledge.
Steinberg, S.L. and Steinberg, S.J., (2015). GIS research methods: incorporating spatial perspectives. New York: Esri Press.
Ajayi, M.T.A., Nuhu, M.B., Bello, M.Z., Shuaib, S.I., Owoyele, G., Onuigbo, I., Babalol, A. and Alias, A., (2015). A GIS Based Assessment of the Relationship between hoursing conditions and rental value in government built housing estates in Minna. Journal of Building Performance, 6(1).
Been, V., Ellen, I.G., Gedal, M., Glaeser, E. and McCabe, B.J., (2016). Preserving history or restricting development? The heterogeneous effects of historic districts on local housing markets in New York City. Journal of Urban Economics, 92, pp.16-30.
Bonroy, O. and Constantatos, C., (2014). On the economics of labels: how their introduction affects the functioning of markets and the welfare of all participants. American Journal of Agricultural Economics, 97(1), pp.239-259.
Bramley, G. and Watkins, D., (2016). Housebuilding, demographic change and affordability as outcomes of local planning decisions: Exploring interactions using a sub-regional model of housing markets in England. Progress in Planning, 104, pp.1-35.
Brown, G., Kelly, M. and Whitall, D., (2014). Which ‘public'? Sampling effects in public participation GIS (PPGIS) and volunteered geographic information (VGI) systems for public lands management. Journal of Environmental Planning and Management, 57(2), pp.190-214.
Irwin, E.G., Jeanty, P.W. and Partridge, M.D., (2014). Amenity values versus land constraints: The spatial effects of natural landscape features on housing values. Land Economics, 90(1), pp.61-78.
Nichols, G.L., (2015). Merging Special Collections with GIS Technology to Enhance the User Experience. School of Information Student Research Journal, 5(2), p.5.
Noor, N.M., Asmawi, M.Z. and Abdullah, A., (2015). Sustainable Urban Regeneration: GIS and Hedonic Pricing Method in determining the value of green space in housing area. Procedia-Social and Behavioral Sciences, 170, pp.669-679.
Xu, Z. and Li, Q., (2014). Integrating the empirical models of benchmark land price and GIS technology for sustainability analysis of urban residential development. Habitat International, 44, pp.79-92.
Zhang, H., Li, Y., Zhang, Y. and Seiler, M., (2014). Improving Real Estate Education through the Use of Agent-based Participatory Simulations and GIS in an Artificial Housing Market. Journal of Real Estate Practice and Education, 17(2), pp.125-138.
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