Innovation drives productivity gains from "summary" of Theory of Economic Growth by W. Arthur Lewis
Innovation is the key driver of productivity gains in an economy. When new technologies, processes, or ideas are introduced, they have the potential to increase efficiency and output. This leads to higher levels of productivity, which in turn can boost economic growth. Innovations can take many forms, from the development of new products to the implementation of more efficient ways of doing things. For example, the invention of the steam engine revolutionized transportation and manufacturing, leading to significant productivity gains during the Industrial Revolution. One of the main reasons why innovation drives productivity gains is that it allows for the creation of new opportunities for growth. By constantly pushin...
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