The Influence of Innovations on the Economic Growth While analyzing impact of innovation activity on the economy as a whole, it should be emphasized that the significance of a given issue was first revealed in the 20th century. Thanks to the rapid development of technologies and globalization, which promoted industrialization and knowledge exchange, the researchers concluded that the correlation of economic growth and prosperity and the innovation activity is rather high. There are
emphasized on the importance of human capital and states that human capital rather than population is the correct measure of scale. In this paper Romer describes technological change as the improvement in the instructions for mixing together raw materials to form new goods and designs. The paper is based on three premises. The first premise is that technological progress drives long run economic growth and provides incentive for continued capital accumulation. Second, technological change arises due
of the economic growth, which examine the long-run rise of economy’s production capacities, allow specialists to have a wider outlook at the current economic problems appearing within the countries and at the international arena from the side of the whole historical process of economic development. The main concern of these models is more general and probably more important issues in economics, such as changes in the standards of living, development of scientific and technological progress, population
and conditions influenced and provided the economic growth in 17 – 18 centuries, we would answer some questions. The first question: how can we solve the problem of hunger and poverty all over the world? The second question: what should we do when our resources would end? It is obviously, we should create new opportunities for generating energy. But what? The third question is about democracy: do democratic institutions hinder or promote economic growth? Indeed, in the 17th century, the establishment
between democracy and economic growth has generated much controversy, research, and even bewilderment. If economic development is an expression of the level of development of societies, it will also be compatible with the level of democratic development. Democracy will become a catalyst and engine of economic and social development in society. To what extent does the economy affect the building of democracy? Is democracy a condition for economic development, or is economic development laying the
and the acceleration of economic growth. Besides that, economic development also means that have a stable population and an increased in the national income or gross domestic product. Every children receives education and lower unemployment rate means that every member in the economy has a job, and the every member of the populace is healthy. The mortality rate is low, life expectancy is high and incidence of
globalisation as”a set of process by which the world is rapidly being integrated into one economic space via increased international trade,the internationalisation of production and financial markets,the internationalisation of comedy culture promoted by an increasingly networked telecommunication system”(p.120) Globalization is a link between nations and local regions.Ther exists a connection social and economic relationshipsGlobalization can refer to those spatial and temporal processes of change
for the users. Every other invention comes with positive aspects which we find beneficial for us while some negative aspects which we cannot overlook just as the case with internet. Several Third World countries like Pakistan do not welcome the technological advancements because of the negative aspects. Anyway the internet is now being used all over the world to access information or news as it is the cheapest way. It is a medium through which people are educating themselves and getting exposure to
organisational context in exacting, should be defined. HRD may be defined as activities and processes-undertaken to promote the academic, moral, psychological, cultural, social and economic development of the individual, so as to attain the highest human latent as a resource for the society. In other words, that means an overall growth of a person so that everyone can add in the best possible way to the society and the nation. HRD in the organisational background may be distinct as “a practice by which the
Regional economic integration initiatives has been prospect of enhanced economic growth in South African construction industry. The impact of regional economic integration and globalization on construction industries in South Africa is evidenced by the decreasing market share of the local players in the industry. Developing countries need to institute radical reforms in their development agenda in order to leapfrog, and bridge this difference. That is why increase in foreign participation in construction