Technological changes drive economic growth in knowledge economy revolution.
The article discusses how different economic growth theories view technological changes as a key factor in driving economic growth. Neoclassical theory, endogenous approach, and evolutionary growth theory all agree that technological changes play a crucial role in boosting economies. Neoclassicists were the first to focus on this aspect, leading to increased investment in research and innovation. Endogenous theorists emphasize the importance of external factors like technological spillover for innovation. Evolutionary economists consider technological changes within the broader economic and social context. Overall, the research suggests that technological advancements are essential for economic growth and can guide policymakers in the knowledge economy.