Innovations in Technology and Economic Growth
Technological innovation has always been a cornerstone of human progress. From the invention of the wheel to the internet revolution, technological innovations have continuously revolutionized societies and reshaped economies. In the 21st century, the pace of innovation has accelerated, affecting not only how we communicate or travel but also how we create wealth, compete globally, and solve pressing problems. This article explores the intricate relationship between technological change and economic growth, scanning historical contexts, current examples, and future implications. The Historic Link Between Technology and Growth: Economic historians' consensus is that the Industrial Revolution was a turning point in world economic history. Up to that point, economic growth was anaemic and linked primarily to agricultural output. But the advent of steam engines, mechanized looms, and railways revolutionized production and transportation. Thes...