Economic prosperity is tied to innovation from "summary" of The Making of Economic Society by Robert L. Heilbroner,William Milberg
The process of economic development is intricately linked with the ability of a society to innovate. Innovation, in the form of new technologies, products, services, and processes, is the driving force behind economic growth and prosperity. It is through innovation that societies are able to increase productivity, create new markets, and improve the standard of living for their citizens.
Innovation leads to increased efficiency in production, allowing firms to produce more goods and services at lower costs. This increased efficiency translates into higher profits for businesses, which in turn leads to higher wages and increased consumption. As a result, innovation not only benefits businesses but also has a positive impact on the overall econom...
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