Final answer:
Both software and hardware are critically important and interdependent, and neither can function without the other. Technology, encompassing both elements, is a significant contributor to U.S. economic growth, surpassing contributions from human or physical capital.
Step-by-step explanation:
The debate regarding which is more important, software or hardware, is akin to the chicken and egg scenario. Both are fundamentally intertwined and essential for the functioning of any technological system. Software, which includes a wide range of applications such as database user interface and query software like Microsoft Access, electronic mail software, office suite software such as Microsoft Office, and operating system software like Microsoft Windows, is the set of instructions that directs the hardware to perform tasks. Meanwhile, hardware is the tangible components that embody the infrastructure needed to support this software.
Considering their roles, it's clear that technology is a vital contributor to U.S. economic growth, often surpassing growth from human or physical capital. Therefore, both hardware and software play indispensable roles in technological advancements that foster economic development. Debates such as the generational implications of tech advancements or the concerns about foreign computing dominance versus government privacy invasions underline how critical the technology sector is to various aspects of society.