Technological diffusion drives inclusive growth from "summary" of Theory of Economic Growth by W. Arthur Lewis
The process of technological diffusion plays a crucial role in driving inclusive growth within an economy. When new technologies are introduced and adopted by a wide range of firms and individuals, it leads to increased productivity and efficiency across various sectors. This, in turn, has a positive impact on economic growth and development, as more people are able to participate in and benefit from the growing economy. One of the key mechanisms through which technological diffusion drives inclusive growth is by reducing barriers to entry and expanding opportunities for participation in the economy. As new technologies become more widespread, they often become more affordable and accessible to a larger segment of the population. This allows more people, including those from marginalized communities, to take advantage of these technologies and participate in economic activities that were previously out of reach. Moreover, technological diffusion can also lead to the creation of new markets and industries, providing opportunities for innovation and entrepreneurship. As new technologies are adopted and integrated into existing systems, they often give rise to new business models and ways of doing things. This creates opportunities for individuals and firms to develop new products and services, thereby expanding the overall size and diversity of the economy. Furthermore, technological diffusion can help to bridge the digital divide and reduce inequalities in access to information and resources. By making technologies more widely available and affordable, it becomes easier for individuals from all walks of life to access valuable information, connect with others, and engage in economic activities. This can help to empower marginalized groups and reduce disparities in income and wealth within society.- Technological diffusion plays a vital role in driving inclusive growth by reducing barriers to entry, expanding opportunities for participation, creating new markets and industries, and bridging the digital divide. By promoting the widespread adoption of new technologies and ensuring that they are accessible to all, economies can achieve sustainable and inclusive growth that benefits a broad cross-section of society.
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