SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS EDUCATION AS INDISPENSABLE ELEMENTS IN INDUSTRIAL AND ECONOMIC REVITALIZATION

Abstract

The current global economic climate has rendered industrial and economic revitalization a pressing need for many nations and communities. This paper explored the role Science, Technology, Engineering, and Mathematics (STEM) can play in driving industrial and economic revitalization. It demonstrated how STEM-based products and processes are used as the basis for public and private investment in the revitalization of industry and commerce. The study considered the potential for technology-enabled solutions to drive productivity gains, with examples from successful real-world applications. Without Mathematics, there is no science, and without science technology, and engineering, society cannot exist. Application of mathematics to understanding economic trends, and how mathematical models were used to guide pivots in investments or production capabilities were considered. This paper provides evidence to demonstrate that investments in STEM-based products and processes, combined with technology-enabled solutions and mathematical models, can reduce costs and improve productivity, resulting in increased output and efficiency.