Technology, Innovations & Economic Development

The global economy has been transforming at a rapid rate. Technology and innovations played a pivotal role in this process of economic transformation. The nature of technological progress and institutional arrangements effect the direction of economic development. There is increasing interest among economists to examine the creation and dissemination of innovations across farms, firms, regions and over time. The pace of knowledge generation and diffusion, a basic responsibility of the nation state, has fundamentally determined the pace of economic development across countries and over time. Therefore, there has been a close relationship between innovation and the government's innovation policies governed by the national goals and expectations.