TECHNICAL PROGRESS AS A FACTOR OF ECONOMIC GROWTH

Abstract:Economic growth means an increase in the volume of production and services in a certain time as a result of new investments in production capacities and their more efficient use, as well as new employment and an increase in labor productivity. Technological changes should be understood as the process of improving existing and finding qualitatively new means of production, the process of continuous improvement of existing and finding qualitatively new items of work, finding new sources of energy and improving existing methods of energy use, as well as the continuous process of improving the forms and methods of organization and production management. Technological changes are undoubtedly the most important factor in economic growth. Moreover, it is possible to talk about quality economic growth only if the complex of technological changes is its most important generator. That is why the question of the key mechanism for initiating technological changes is of particular importance in economic theory. Depending on the essence of the answer to it, the type of specific activities that are most expedient to undertake at the level of the national economy or individual companies in order to generate technological development depends a lot.

 

Keywords: economic growth, analysis, technological changes, social product