Economic Development, Technological Change, and Growth An Academic paper on the concept of this correlation and its applicability for effective interventions in economies

All economies pursue both modes to some extent, and there is no doubt that every economy produces only a modest fraction of the technologies that it uses. Adoption of technology from across borders is sufficient to raise living standards substantially, and even to achieve long-term growth based on the continuing technological innovations achieved overseas, however radical improvements may happen through customization to local economy (in case the country does not have enough resources to create technology for itself). But technology adoption has its limitations as well. In this paper we will look at all aspects of economic development, technological impacts on the economic development and the changes which take place due to this.