Economic Growth and Technological Innovation (Essay Sample)

Name of Student Name of Professor Course/Subject Code Dated Economic Growth and Technological Innovation The progress and development of a country are measured by its economic growth. Technological Innovation is among one leading factor that affects the growth of the economy and play a leading role in the modernization of methods of production and contributes to the overall development of a country. To achieve sustainable growth of the economy and to for the saving natural resources for the next generations, a country should spend its budget on research, development, innovation, and in innovative support competitions. How the economy would grow faster and would be stable for a long time? And how to achieve decent living conditions. Technological progress is responsible for the strength of an economy cause with the innovation of new technologies we are seeing rapid development in the world and especially in those countries where major new technologies are invented these days. Technological innovation plays a crucial role in getting prosperity and in the creation of great modern societies. The long-term continuous increase in the real income of a country is considered economic growth. Opposite to growth, which only shows the change in the number of services and goods to increase average income by individuals, economic development is a radical and structural change in the major structures of the economy of a nation. The ability to produce more and more services and goods in a specified period is called economic growth. It alludes to the gradual increase in the economy's capacity for production to meet societal demands throughout time. Positive effects of the nation's sustained economic growth are shown in the level of employment and national income, which raises living standards. So many auxiliary tools are available in production processes, which increases the number of services and products. The most notable example of this along these lines is how physical capital has affected American economic expansion. The fact that investment possibilities have grown at the same rate as capital goods investments is crucial. A lack of highly qualified human resources will impede economic expansion. One of the things that affect a country's economic development is its natural resources. Natural resources are important and encompass all substances found in or on the surface of the earth, such as water resources and plants that grow. Mineral, Gas, and oil are major natural resources available on the earth. Following their environmental and climatic circumstances, natural resources vary amongst nations. Moreover, the elements that hope to have a significant impact on a nation's economic progress are social and political ones. Social aspects include traditions, habits, and beliefs, whereas political factors include government involvement in policy formation and implementation. Technology and the interactions between work subsystems, its use, and acceptance help to meet current or anticipated economic and social needs. Innovation, which can be characterized as the activity that develops new or considerably enhanced items (products or services), processes, marketing strategies, or company organizations, is the variable that affects economic growth. This definition emphasizes the various innovations. This definition covers all organizational, financial, scientific, and technological actions that result in the delivery of a brand-new good or service. Therefore, the major element influencing how advanced and aspiring developing countries become is the pursuit of technical innovation. A brand-new idea, sustainable development focuses on protecting resources for future generations while attaining economic and social progress. Additionally, it cares about protecting the environment. Among the most crucial objectives for every nation is long-term, sustainable economic development. Thus, by boosting its output, the state can accomplish this purpose. There seem to be two methods to increasing GDP * by increasing the production inputs that scientists utilize in the production process * by improving input efficiency. This might be accomplished by creating novel products, introducing new manufacturing techniques, or increasing productivity. In this way, technical advancement has contributed significantly to economic expansion by opening up new energy options. Diversification of energy sources while using the same technologies is included in the main benefits of technical innovation, which helps to lower pollution. Another way to put it is that new scientifically developed technologies protect the env...