Economics Assignment Help on Economic Growth
A strong innovation culture is vital for economic growth for both developed and developing countries Critical Analysis Economic Growth: From the different researches, it has been analysed that innovation is considered as one of the significant phase for all types of development across the globe. It has been analysed that diffusion as well as creation of different technologies is significant for the growth of the economy and plays substantial part for welfare in different economies including both developing and developed countries. Radical or incremental innovation is some different kinds for innovation that has played vital and crucial role in economic growth (Economic Analysis Assignment Help On Economic Growth).
It has been analysed that foreign technology adoption always associated with the incremental innovation that has played very significant role in enhancing the economical conditions of the countries across the globe. It has also been identified that there are several opportunities available for experiments associated with the successful innovation and at the same time, different framework or model for development and growth has also been witnessed and emerging across the globe. There are various factors or aspects which are responsible for opportunities to be raised in the terms of innovation for the economic growth. This mainly includes increased communication and information technologies, increased importance for countries in the system of global innovation, recent developments within the field of value chains across the global level, growth of economies based on service, and at the same time, more opportunities are also available for the direct investment in the foreign as well as trade (Economics Assignment Help).
Most of the developing countries across the globe are facing the various challenges in terms of inclusive support and growth while dealing with the various social or cultural issues or problems. The innovation is very much relevant for both developing as well as developed countries in order to achieve the long term and immediate developmental objectives or goals in more effective as well as efficient manner.
It is also analysed that there is always confusion in terms of high technology or low technology that has restricted the understanding for the innovation in effective manner across the globe including both developing as well as developed countries. It is also evident from different researches that it has become costly affair for the high technological industries if they are focused towards high technique by ignoring other important fields in the economy (Economic Performance Evaluation Assignment Help). High costs can be incurred for the countries if they prefer to select such technologies that require more expertise and more competitive at the international level but at the same time, not able to attain the maximum benefits from technologies.
But it is also observed from the different countries that innovation has also been effectively implemented and adopted in various sectors including mining, services as well as agriculture. It is also observed from the different researches that innovations done in the field of agriculture has effectively enabled the countries to address their socio-economic changes which in result has helped the economy to be fostered at greater pace. This type of innovations has certainly helped to reduce the poverty and at the same time, has also enabled the counties including both developing as well as developed to create and develop more job opportunities for the people across the region (Role of Business in Economy Assignment Help).
With the advent of more technologies within the developing countries, more trade as well as business possibilities have been created which at the same time, also provide several oppturnities by improving job, financial position, business conditions, investment, industries, and many more. This also indicates that innovation has certainly played very remarkable role in achieving the target of economic growth for both developing as well as developed counties.