What are the important of technology in promoting economic growth?

Answer 1

Lots. Capital production and improvement increases effeciency, the only other way to expand your production possibilty curve in the long run. Advenacement in communication helps in trading and establishment of economic ties with other countries. Improvement in technological as well as transport infrastracture greatly aids production. Scientific precision helps reduce wastage of natural resources in production. Stabilized security due to high-tech means increases trust and confidence of multinational corporation and foreign investors in the country.

Thats only some that I can think of.

Answer 2

In the present context we can treat the technology as the wheel for an economy.An economy which is technologically advanced can continue a sustainable growth,for example-Japan.In this dynamic world, technology is a necessary as well as sufficient condition for economic growth.In case of India,there is no technological advancement in agricultural sector,which shows growth rate of less than 3%.You can take so many instance like this which are so practical and it will definitely convey you more for your answer.

Answer 3

You mean - how do technological advances promote economic growth?

Economic growth is a byproduct of increased efficiency. So to the degree you can wring more work out of people - or get your job done with fewer people...you are growing the economy.

Answer 4

Technology is the way of doing things for edging out the past and leaping into the future.So techology is an essential driver for promoting economic growth.

Answer 5

By commercialising the 1 doctrine.

Answer 6

this has increased the production of goods and services and provided new job opertunities as well as taking us toword economic development.