ROLE OF TECHNOLOGY IN ECONOMIC DEVELOPMENT: WITH SPECIAL REFERENCE TO INDIA

Traditional models which claimed to explain the reasons and process of economic growth had rarely considered improvement in quality of technology (or innovation) as the main reason for economic growth. Most of the traditional models focused on Capital as the famous factor of production that individu...

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Bibliographic Details
Published in:International review of business and economics (Print) 2020-07, Vol.4 (1), p.57-70
Main Author: Kulkarni, Kishore G
Format: Article
Language:English
Subjects:
Capital stock
Economic development
Economic growth
Economists
GDP
Gross Domestic Product
International trade
Inventors
Nobel prizes
Production functions
Productivity
Regulation
Taxation
Technology
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Summary:Traditional models which claimed to explain the reasons and process of economic growth had rarely considered improvement in quality of technology (or innovation) as the main reason for economic growth. Most of the traditional models focused on Capital as the famous factor of production that individually suffered from the diminishing marginal productivity. In fact, the famous Neo-classical model of economic growth (Solow version) assumed that both traditional factors of production such as Labor and Capital go through decreasing returns to scale, which means by just applying more capital, or more labor alone, the economies would experience slower rather than higher rate of growth. Here, Kulkarni analyzes the traditional arguments of growth.
ISSN:2474-5138
2474-5146