Technology plays a crucial role in development from "summary" of Economic Development by Michael P. Todaro,Stephen C. Smith
Technology is a critical determinant of economic growth and development. It plays a pivotal role in enhancing productivity, efficiency, and innovation across various sectors of the economy. The adoption and diffusion of technological advancements can lead to significant improvements in living standards and overall well-being.
Technological progress contributes to the creation of new industries, products, and services, which can drive economic expansion and job creation. By investing in research and development, countries can develop cutting-edge technologies that give them a competitive edge in the global marketplace. This, in turn, can attract foreign investment, boost exports, and stimulate economic growth.
Furthermore, technology can help address social and environmental challenges by providing solutions to iss...
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