Entrepreneurship fosters innovation and growth from "summary" of Theory of Economic Growth by W. Arthur Lewis
Entrepreneurship is a vital force in driving economic growth, as it is through the entrepreneurial endeavors of individuals that new ideas, products, and services are brought to the market. These innovations not only meet the needs and desires of consumers but also create new opportunities for growth and development. By fostering a culture of entrepreneurship, societies can tap into the creative potential of their citizens and unleash a wave of innovation that propels them forward. One of the key ways in which entrepreneurship fosters growth is through the process of innovation. Entrepreneurs are constantly seeking out new ways to solve problems, improve existing products, or create entirely new markets. This drive to innovate leads to the development of new technologies, processes, and business models that drive economic progress. As entrepreneurs take risks and experiment with new ideas, they push the boundaries of what is possible and open up new avenues for growth. Moreover, entrepreneurship plays a crucial role in creating jobs and driving productivity gains. As new bus...
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