Technological Advancement And Economic Growth For The Business Sector

Abstract

In a globalizing world economy, the cause for inequalities in economic development and inter-country income inequality is explained by technology differences across countries. The purpose of science and technology is to make it possible for businesses and individuals to use technologies more efficiently, which results in lower costs and increased productivity gains. The application of innovative technologies paves the way to produce new, lower-cost goods and for the accumulation of capital, as well as for the improvement of individual countries' international competitiveness and the improvement of the quality of scientific research institutions, while also contributing to the cultural and political development of societies. The quality of growth rates is just as essential as the size of those rates. If one wants to have a better knowledge of whether growth has an impact on people's lives or not, one can pose the following questions: Does the process of growth include people and involve them in it? Is it true that everyone benefits from the opportunities created by growth? Do modern technology or increased trade volumes broaden the range of options available to people Is it planned to raise the standard of living for future generations Or, rather, is it only the current generation that is taken into consideration? Are markets accessible and open to everybody and everyone who wants to participat