The importance of research and development in fostering growth from "summary" of Theory of Economic Growth by W. Arthur Lewis
Research and development play a crucial role in driving economic growth. As new technologies are developed through research, they can lead to increased productivity and efficiency in various sectors of the economy. This, in turn, can stimulate growth and development in the long run. Investment in research and development is essential for fostering innovation and creativity. By allocating resources towards R&D activities, countries can stay ahead of the curve and remain competitive in the global marketplace. This can attract foreign investment and create new opportunities for economic expansion. Furthermore, research and development can lead to t...
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