3. Technological Progress and Economic Growth: Another important factor in economic growth is progress in technology, Use of advanced techniques in production or progress in technology brings about a significant increase in per capita output. Technological advance refers to the discovery of new and better ways of doing things or an improvement in the old ways. Sometimes technological advances result in an in¬crease in available supplies of natural resources. But more generally technological advance
Economic development – A regional perspective The economic reforms have positively contributed towards the nation’s development in a macro perspective. Improvement in trade relations between nations and the free movement of goods and services led to increased growth in the economy. Thus the globalisation and liberalised economic policies by different nations has gradually frayed many national and state economic institutions. Globalisation has also played a key role in industrial development and
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
2015 ECOFIN What is economic growth and what affects it? Economic growth is an increase in the amount of goods produced per head of the population over a period of time. It is affected by many aspects under many circumstances. There are two types of factors which impact the economic development and growth in a country, they are economic factors and non-economic factors. First, economic factors include natural resources, technology, currency, and trade. Secondly, non-economic factors include human
---------------- Abstract: Now-a-days the topic of financial inclusion is standing as an emerging new model of economic intensification. Financial inclusion is the recent notion which helps to accomplish the sustainable progress of the country, through accessible financial services to the unreached people with the help of financial institutions. Thus it plays a vital role in economic development
Certainly there exists a significant literature on the relationship between tourism and general economic growth, and the terminology of ‘tourism growth led hypothesis’ has become accepted within both the tourism and economic literatures. Among those studies Shan and Sun (1997) and Shan and Wilson (2001) have used econometric techniques within a Chinese context, the latter finding evidence of a re-iterative effect between tourism and trade (imports and exports) as both feed into each other. While
Although the Nigerian Government has proven that it is very committed to supporting the growth and development of SME’s as evidenced by a plethora of SME supporting agencies and policies. It is however advised that the various SME bodies and policies be harmonized to ensure that new entrepreneurs have a one stop shop and to ensure better management
civilizations .India and China are today the ‘engines’ of growth in the rapid economic and political evolution in the global economy. The economies of India and China are influenced by a number of factors like political,economic,social factors and many more.The emergence of China as a global leader in growth has produced a need of a comparison between India and China so far as economic growth is concerned.China and India have managed a growth rate of 9.6 and 8.9 per cent respectively thereby making
The models 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
Abstract-Inclusive growth is much needed to include common people into the orbit of development. Social and economic justice can be provided only with the inclusion of hitherto excluded deprived section of people. Lot of measures was undertaken by the Government of India and Reserve bank of India together to mitigate the problem of financial exclusion. It leads to particularly, development of all sections of people. To achieve this multi-model approach was adapted. Service Area approach, priority