Economic Growth and Technology

There are different reasons for the interrelation of economic growth and technology. First and foremost, their relations can be characterized by mutual interdependence; economic growth influences technology and technology influences economic growth. Economic growth also impacts technology. For example, economic growth determines the level of technological progress. Applying a macroperspective, countries that have funds to invest in research and development have greater technological advancement. The quality of the workforce is also affected by technology; technologically advanced societies are capable of training home professionals and inviting foreign specialists to work in their countries.

An individual’s economic situation determines the place of technology in his or her life. Wealthy people can afford to purchase newly devised technologies that make their professional activities and private lives more effective or ...