There are a number of factors have impact on economic growth, such as science & technology improvement, labor, capital, industrial structure, etc. Among of these factors, science & technology improvement is the most important.
Technology & science is the primary productive force, but is not an independent productive factor. It is a kind of potential productivity which promote economic growth through improve efficiency of other productive factors.
Technology cannot eliminate economic fluctuation fundamentally, but it has a buffer effect on economic fluctuation. As the continued improvement of technology, the cycle of economic fluctuation will be increased and volatility will be decreased. The high tech industry has been a leading industry for the US economy. The high tech which is represented by information technology stimulated industries upgrading, meanwhile lead to a high speed of US economic growth, and makes US economy in the leading position of the world economy since 1990s. High tech industry not only has a contribution to the US economic boom, but also has a positive impact on reducing inflation rate and remitting economic recession.
“In one of two science policy columns this month relating to jobs and economic growth, Gordon Reikard explores the connection between investment in technology and economic growth, a topic brought to the forefront by President Obama’s State of the Union address that focused on “winning the future” through investment in research, development, and technology. Reikard explains how research and development once dominated the contributions to technological advance and how information technology has become a greater influence in the last few decades.”
-- Steve Pierson, ASA Director of Science Policy
(ASA: American Standards Association)
"Innovation has become a cornerstone of economic policy in Latin America. It is not surprising that companies, both large and small, are beginning to establish a footprint there or are partnering with local businesses to take advantage of the enormous market potential that is evolving. ."
-- G. Steven Burrill, CEO, Burrill & Company
Technology is the motive power of the improvement and growth for either a country or a company. Generally speaking, there is an interaction between economic growth and technology input. Economic growth goes along with technology improvement, and technology improvement quickens economic growth. Meanwhile, there also is an interaction between economic growth and technology output. On the one hand, the faster the economic growth is, the higher standard technology the economy is asking for. On the other hand, due to the great demand of economic growth, technology will better convert into productive.
http://magazine.amstat.org/blog/2011/03/01/econgrowthmar11/
http://www.marketwire.com/press-release/Life-Sciences-Fueling-Economic-Growth-in-Latin-America-1417123.htm
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