The Economic Importance of Technological Development in Achieving High Rates of Economic Growth

Technological development is one of the effective economic tools for achieving economic growth. Indeed, most advanced economies rely on technological development to drive economic development, directing public spending toward research and development, in addition to supporting modern innovations that can create significant differences in the process of mass production. Most of these innovations stem from the historical importance of economic growth. The need for technological development is one of the tasks that enable a state to achieve acceptable rates of economic growth. It is noted that, according to Schumpeter, technological development occurs in conjunction with the government's drive to support creativity and innovation by individuals. This is achieved through an incentive system for individuals that ensures the process reaches the highest levels of competitiveness. Based on this description, the researcher saw it as important to address the importance of technological development in achieving economic growth. This was done through a historical review of the concept of economic growth, in addition to the types of growth and the mechanisms by which it occurs. The researcher concluded that technological development and the interest it provides constitute a significant addition to the production function and enables the government to Implementing their economic programs in an acceptable manner. The researcher recommends that governments adopt modern programs to support youth and developers to achieve the desired technological development.