Technology And Economic Growth Development - 1280 Words

Title Technology and economic growth Author Introduction/Significance of the Problem This is in an age of amazing technological transformation compelling people to consider the association between technology and economic growth. Fundamentally all economists agree that productivity growth is the key to doing better over the long term. A standard of living of any nation is the most important sign of national economic performance. The technology and economic growth combination yields human development. Technological innovation has been serving as the definite key driver for long-standing economic growth. This ever-revolving world is at a foremost speed, and technology is essentially at the heart of this revolution. The core of economic†¦show more content†¦Technology is an important factor strongly influencing the economic growth. The availability to technology and its practice in economic processes facilitates the viable position in the global labour division. At present there are same kinds of chances and prospects with technology, industries are experienci ng a number of important forces and are altering paths at which businesses use technology same like what the servers and microprocessors did twenty five years ago. For that reason technology proves to be a driven force for the economies. It is believed to enhance the productivity and eventually can cause a better flow of goods and services, and more people participation in the international market. Economists have played an essential role in the identification of contribution of technology in the growth of economics. They believe that improving productivity and making the growth of economic of Australia using technology are key priorities for the country. Technological innovation based on research plays a key role in addressing these priorities. Partnership between publicly funded organisations for research and business is important to improving the conversion of research into industrious outcomes that boost the nation’s output. Nevertheless, there remain deep systemic obsta cles to raising this partnership in Australia. The increasing technology mediated largely by forces of