Technology drives longrun economic growth from "summary" of Principles of Macroeconomics by N. Gregory Mankiw
Technological progress is a key driver of long-run economic growth. As new technologies are developed, they enable firms to produce more output with the same amount of inputs. This increase in productivity leads to higher economic growth rates in the long run. One way that technology drives economic growth is through the process of creative destruction. When new technologies are introduced, they often make older technologies obsolete. This can lead to disruptions in certain industries, but it also creates opportunities for new industries to emerge. In the long run, this process of creative destruction leads to higher levels of productivity and...
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