Knowledge spillovers contribute to technological advancement from "summary" of Growth Theory by Robert M. Solow
The process of technological advancement is not limited to individual firms or industries working in isolation. Instead, knowledge spillovers play a crucial role in driving innovation and progress across the economy as a whole. Knowledge spillovers refer to the unintended diffusion of ideas, information, and technology from one entity to another. This can occur through various channels such as informal communication, collaboration, or even competition. When firms engage in activities that generate new knowledge, this knowledge can often spill over to other firms or sectors, leading to a broader impact on technological development. For example, a company investing in research and development may discover new technologies or processes that could benefit not only its own operations...
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