The importance of physics in the economy

We are all benefiting from advances in physics, of which only a part has been mentioned here, and this is not only supported by physicists.

US economists Edward Prescott and Finn Kydland won the Nobel Prize for Economics in 2004 as they also showed that the new technology will lead to economic growth. Physics is fundamental in this respect.

In 2013, the European Physical Society commissioned an independent economic analysis of 29 European countries (including Norway and Switzerland), which showed that over a period of about four years (2007-2010) the industrial sector generated 3 business , 8 trillion pounds, about 15% of the total European economy's turnover, higher than the trade contribution.

The same study found that the industrial sector has supported more than 15 million jobs, representing more than 13% of the total labor force in the European economy.

Here, in Australia, the development of the industrial sector is different from that in the US or Europe, but the conclusions remain valid.

On the one hand, we all benefit from the consequences of the latest discoveries in physics. In this regard, anyone using a GPS signal, a computer, listening to digital music, receiving the results of a CT scan or a nuclear magnetic resonance scan can find the value of these findings individually.

But, on the other hand, progress in physics is also used in a first phase especially locally. In recent years, physics has generated significant applications in Australia in terms of financial modeling, exploration of minerals, the production of various equipment, telecommunications and the development of new defense technologies.

... and for crossing the oceans

Physics is no less important here in Australia than for people anywhere else.

In addition, its importance in the future should not be underestimated. It would be easy to imagine, for example, that all great discoveries of physics have already been made. This is a profoundly wrong perspective.

Globally, physics is now entering an extremely exciting era. Increasing computing power and building new tools with unprecedented precision and sensitivity enhances our ability to understand the most complex phenomena.

With the new experimental data from the Large Hadron Collider in Switzerland, which explores the smallest particles that form the most fundamental blocks of matter and Square Kilometer Array (a radiotelephone under construction in Australia and South Africa) exploring the massive structures the modern physics will give us new insights into the answer to some long-standing questions such as the origin and expansion of the universe, the nature of the dark matter, and the origin of the mass.

At the same time, we have just begun to apply new technologies based on the mysterious effects of quantum physics. The ability to control individual atoms, molecules, light photons and exploit the quantum effects that are imperceptible in the macroscopic universe prefigures a future in which information communication and processing will be greatly improved over the current stage.

Australian scientists have a particularly good international reputation in this area, which is an advantage given the increasing importance of information processing in the Australian economy and a growing range of applications in the defense sector.

Due to its important contributions to society and its huge potential for generating new technologies and industries, global investment in physics research has steadily increased over the past century, a trend that is likely to continue as more and more many companies and societies will recognize the importance of physics in terms of economic, social and environmental protection.

Physics is the discipline that defined the modern scientific vision. This helps us to understand the world in its fundamental aspects. It is the basis of the most advanced technology.

It is therefore essential to encourage students to study physics, to support talented, passionate and well-trained teachers to teach them so that we have remarkable scientists to move forward actively to its borders.

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Posted from my blog with SteemPress : https://blog-for-all-the-people.xopus.io/?p=95

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