Empirical evidence supports the importance of technological change from "summary" of Growth Theory by Robert M. Solow
The empirical evidence unequivocally shows that technological change plays a crucial role in determining long-term economic growth. This conclusion is not merely theoretical speculation; it is supported by a wealth of data and research spanning decades. One of the most compelling pieces of evidence comes from the work of economists like Robert Solow, who demonstrated that the majority of economic growth cannot be explained by increases in labor or capital inputs alone. Instead, a significant portion of growth can be attributed to technological advancements that increase productivity and efficiency. Furthermore, studies examining the historical growth patterns of different countries have consistently found that those with higher rates of technological innovation tend to experience faster and more sustaine...
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