Innovation drives economic advancement from "summary" of Economic Development by Michael P. Todaro,Stephen C. Smith
Innovation is a key driver of economic advancement. It refers to the development and application of new ideas, products, processes, or services that lead to improvements in productivity, efficiency, and competitiveness. When a society encourages innovation, it paves the way for economic growth and development. Innovations can take various forms, from technological breakthroughs to organizational changes. For example, the invention of the internet revolutionized communication and business practices, leading to the emergence of new industries and markets. Similarly, the introduction of new agricultural techniques can boost crop yields and food security, driving economic development in rural areas. By fostering a cult...
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