Why it is said economic growth is a race between in invention and deflation
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Economic growth is a race between invention and deflation since it is a process that requires the need for new innovation and technology. But as time goes by the technologies become obsolete and there is the need for using newer technologies.
Explanation:
- Economic growth is a process that requires continuous process of changes to new methods through adopting new technology and machines.
- There arises a need for the adopting of new techniques for pursuing higher economic growth and for that new innovative methods and invention is required.
- The new methods are adopted by utilizing the natural resources since the new techniques can be identified only at the cost of some resources. Hence economic growth is a race between depletion and innovation.
To know more about economic growth
Define economic growth. Mention the nature and importance of economic growth
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