The ultimate engine of economic growth is new technology. According to economists, the growth of output per capita is a fairly recent phenomenon. This can be attributed to all the new technology people have discovered in the past few centuries, causing output growth to surge and accelerate faster than ever before in history. The result of all these ingenious, innovative inventions has been a total revolution in the way people live their lives. After examining …
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showed last 75 words of 495 total
…I do not believe it ranks as important as some of the other aforementioned inventions, this has nonetheless revolutionize and continues to revolutionize the world. Some uses include hospital life support systems, recording keeping systems, management software for business, mathematical modeling for science...etc. Our modern society is very much dependent on these machines. Consequently, as a result of these new innovative inventions, economic growth and the standard of living have increased to new heights.