Physics And Its Roles In Economic Development

Mathematics – Logic

Scientific paper

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Economics, Econophysics, Financial Markets, Business And Management, Industrial And Technological Research And Development, Engineering, Science And Society, Careers In Physics And Science

Scientific paper

Physics plays a variety of roles in economic development. These are explored and ways of increasing the importance of physics to world economies are discussed. Surveys by the Institute of Physics have shown that over 40% of employment in manufacturing in the UK is based on physics, and that this sector continues to expand. Physics provides techniques and equipment for advances in the life sciences. An education in physics gives an ability to tackle a diverse range of subjects from first principles and to find innovative solutions to problems where conventional approaches fail. Physicists in many countries readily find employment in a wide range of areas. However, because of the range of opportunities available, there is a reluctance of physics graduates to enter teaching and prepare the next generation of physicists. Sharing experience between countries is vital. The World Year of Physics has played an important role in this.

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