engleski

Relationship between Technological Progress and Economic Growth ; Historical Overview

Historical pattern of technological progress strongly suggests that innovations that came out of technology developments which are independent of society initiatives have been an indispensable part of economic growth of developed countries. These technological improvements displaced existing economic structures and laid down fundaments for new economic forces and opportunities, all of which had a widespread welfare effect. Growth theory indeed assumes that changes in real output are result of technological shocks within the economy. Using ARIMA models and Baxter-King filter this paper estimates the impact of technological shocks on GDP per capita (long- term) growth of selected developed countries over the course of time.

technological innovations; economic growth; welfare; ARIMA; Baxter-King filter; developed countries

nije evidentirano