Technology and the Automotive Industry

Paper Summary:

This paper examines how the automobile industry has advanced technologically. Giving a brief introduction of the concept of technology, the paper focuses on oil as a scarce resource and how the hydrogen powered vehicle can be a substitute for today's automobile. The paper also refers to President Bush's speech in which he pledged to spend billions of dollars in research and technology advances for the hydrogen-powered automobile.

From the Paper:

"Technology is "a capability given by the practical application of knowledge" (Webster, p. 1211). Computers, e-commerce, and the Internet are all types of business technology. But what happens when one of our resources, such as oil, becomes scarce? The first step would be to study new technologies that can replace such scarce economic resources. "One concern is that technologies of the future will require huge sums to develop and implement, sums that individual firms cannot always raise" (McEachern, p. 125). In such crucial times, companies must seek help from the federal government."

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