Economic growth is driven by investment and innovation from "summary" of Economics of Money, Banking and Financial Markets, Business School by Frederic S. Mishkin
Investment and innovation are two key drivers of economic growth. When businesses invest in new equipment, technology, or infrastructure, they are able to increase their productivity and efficiency. This leads to higher levels of output and ultimately contributes to overall economic growth. In addition, innovation plays a crucial role in driving economic growth as well. When firms develop new products, services, or processes, they are able to create new markets and opportunities for growth. This not only benefits the firms themselves but also spurs economic development at the national level. Furthermore, investment and innovation are closely linked. In order to innovate, firms must invest in research and development, which can lead to the crea...
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