Technological Change and Economic Growth

Technological change refers to the advancements and improvements in technology that make processes more efficient or create new products. Economic growth is the increase in the production of goods and services in an economy over time. Innovation, the development of new ideas, is a vital part of this process, as it drives technological change. When businesses adopt innovative technologies, they can improve productivity and create new markets, leading to increased economic growth. In essence, as technology evolves through innovation, it fuels overall economic development and enhances living standards.