How has technical progress contributed to the economic development of countries? - Are these countries converging or diverging away from each other, economically? : Global economic growth: A study on how technical progress contributes to economic growth
Sammanfattning: The question of economic growth is one of the most fascinating concepts the development economics department is experiencing. It has been proven that some theories of economic growth can explain the course of development at an accumulated degree in this paper I’m going to investigate if the countries technical progress contributes to its economic growth. Another interesting thing to look at is how growth emerges in different places at different times. This big change in GDP first started to appear in Britain and then in the United States. In countries like Brazil and Japan the standards of living started to rise in the past century and in China GDP growth started just a few decades ago. GDP have exploded in the most recent two or three centuries. Standard of living has been very low thru most of history. This thesis investigates the relationship between economic growth and the level of technology, and how ever the countries are converging or diverging away from each other. With the help of secondary collected data and a cross country regression model. The results showed similar results according to previous studies, that technical progress contribute to economic growth, some evidence indicating economic convergence were also found.
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