Science and Ethics

• The economy refers to the system by which goods and services are produced, sold, and bought (or bartered) in a country or region
• Encompasses the formal economy involving money-based transactions and the informal economy including bartering, odd jobs, and mutual assistance
• Earliest economic activity was based on bartering
• Throughout the Middle Ages and pre-industrial times, societies were typically agrarian with economies based on farming and skilled craftsmen offering services
• Industrial Revolution of the late 18th and early 19th century led to massive social and economic changes in Britain, Europe, and North America
• Industrial Revolution in Britain between 1760 and 1840 marked by advances in science leading to new technologies, driven by the steam engine transforming thermal energy into mechanical energy
• Thomas Newcomen produced steam engines for pumping water from mines, James Watt improved steam engines to drive industrial machines
• Use of coal-fired steam engines led to the beginnings of mass-production systems
• Spinning Jenny was a key technology for industrialization of textile manufacturing during the early days of the Industrial Revolution
• Cottage industries transitioned to factory-based production systems, marking the beginning of modern capitalism
• Advances in science and technology during industrialization revolutionized transport, driving towards globalization of economies
• Development of the locomotive in the early 1800s facilitated bulk transport of goods over long distances
• Steamships and the Suez Canal inaugurated in 1869 had a significant impact on world trade, making sea navigation faster and more reliable
• Technological advances in the iron industry were essential for the development of steam engines and railways
• 19th century saw a new wave of Imperialism as European powers expanded territories, facilitated by steamships for importing raw materials from colonies
• Technological advances transformed Britain from a rural, agrarian population to a country of industrialized towns, factories, mines, and workshops
• Industrialization began in Belgium and spread throughout Europe
• The Industrial Revolution had a major impact on the development of modern science
• Applying scientific knowledge to industry raised the profile of science and scientists
• The term "scientist" was coined in 1834; previously scientists were known as natural philosophers
• The 19th and 20th century saw the founding of technical schools and institutes that encouraged the spread of scientific knowledge and provided opportunities for technological advance
• Governments started supporting science more directly by giving research grants, founding research institutes, and rewarding distinguished scientists with awards and official posts
• Increased government support for science was paralleled by support from industry, providing scientists with grants and well-paid research posts
• By the end of the 19th century, the 'natural philosopher' had given way to the professional scientist with a well-defined and respected public role
• Scientists value intellectual freedom, independent pursuit of research, learning and advancement in their career, and the thrill of discovery
• Students inclined towards STEM subjects have many opportunities to contribute to economic growth through research and development
• Gender imbalance in professions related to science and technology is a significant issue that needs to be addressed
• Reasons behind gender imbalance include traditional views of females, male dominance at decision-making levels, gender stereotyping in the media, lack of exposure to female role models, and practical difficulties of combining a career with raising a family
• Measures to address gender imbalance in STEM subjects include addressing stereotypes, inviting male and female scientists to schools, showcasing inspirational female role models, ensuring impartiality in application processes, and having family-friendly policies
• The greater role of professional scientists in industrial development, research, and innovation has had huge implications for the economy
• Advances in transport technology and computer science have accelerated the globalization of industry
• Developed nations invest in research and development, innovation, and creativity to remain relevant in international affairs and control markets in a globalized economy
• Technological advances are necessary for maintaining a competitive edge in the profit-driven capitalist system
• Robotized production lines have reduced the number of machine operators required, enabling mass production and lower unit production costs
• Production has been shifted to countries with cheaper labor, leading to high unemployment rates in developed countries
• Scientific knowledge and technological progress have reached unprecedented levels, offering opportunities for rapid social progress
• There is a need to shift economic theory towards maximizing the well-being of society as a whole through sustainable development
• Science and technology play a crucial role in bringing about economic growth that benefits society while conserving the environment
• Invention of writing preserved information for posterity
• Invention of the printing press in 1455 made it easier to spread information by producing multiple copies of the same text