Technology has significantly impacted the economy, driving growth and reshaping various aspects of our lives. Here are some key points:

1. Economic Growth and Innovation:

1. Technological innovation is closely linked to long-term economic growth. Economists have studied this relationship for decades.
2. The “Solow growth model” highlights the importance of technological change. It predicts that countries with smaller capital stocks grow faster in the short term, but long-term prosperity depends on technology¹.
3. Almost 90% of US output is attributed to technological change, emphasizing its potency¹.

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2. Digital Transformation:

1. Digital technologies are driving transformative change, shifting economic paradigms.
2. Advances in artificial intelligence and related innovations expand the frontiers of the digital revolution, reshaping product markets, factor markets, businesses, and work²³.

Technology plays a crucial role in economic progress, improving living standards and creating new opportunities for work and innovation.