Boost economy through technology

Innovation, mostly technological, provides the drive for ongoing progress in the world and respectively in each person’s life and business. Internet drives our business, new technologies help us advance it and become more competitive which in return brings us new people to work with and new projects to devote on developing.

The industrial era with its inventions - the electric motor and later artificial intelligence, has been the driving force for economic force. What other technological advances are in the forefront of economic growth and how to use this in daily growth.

1. Artificial Intelligence (Medical, Automations, etc.)

2. Autonomibiles

3. Robotics

4. Renewable energy technologies

5. Space exploration

6. Manufacturing

7. Real Estate, New Living and Housing (Start Homes)

8. Health Technology

   
   

Due to the above advancements, but not solely, scientists have estimated boost into the world’s GDP. The boost is to be observed in general living, improved healthcare, food, better homes and energy usage. Our overall lives have improved despite global challenges because we have access to more and better information - digital transformation and education are key pillars to foster such growth and we are in the forefront of AI advancement.

What other advancements have been detrimental into this decade's economic growth. I have decided to read on this year's Nobel Prize in Economy and delve a little into financial tech. Here is what I have found.

"Technology advances rapidly and affects us all, with new products and production methods replacing old ones in a never-ending cycle. This is the basis for sustained economic growth, which results in a better standard of living, health and quality of life for people around the globe. Joel Mokyr used historical sources as one means to uncover the causes of sustained growth becoming the new normal. He demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why. The latter was often lacking prior to the industrial revolution, which made it difficult to build upon new discoveries and inventions. He also emphasised the importance of society being open to new ideas and allowing change.”

In the newest release of the Nobel Prise Academy, three nobel minds won this years’s prise in Economy for their precise explanation of how innovation drives economic progress. Their models on the methodology of the technology which drives sustained growth showed that though the recent decades the world has experienced a boost in almost all sphere of life due to ongoing progress in technology. What is more, they have created a mathematical model which also shows a different parts of innovation progress for the cases when a new product is announced, the companies prefer to stop working with the old version and stopping the market for it. They emphasise on the importance of keeping sustainability in those processes to avoid stagnation.

To continue on the above, in a paper from the university of South Hampton from 2024, the author explains the crucial role of technological innovation as key driver in the globalisation era to enhance manufacturing, productivity and providing competitive advantages to companies. Consequently, we experience industrial revolution and innovation which is a sign of a long-term economic prosperity, introducing new processes and contributions with differences across countries and regions due to unequal investments in Research and Development (R&D), human capital and infrastructure, which are believed to play key role in unleashing new technological developments.

The main takeaway is that new products and technologies drive innovation, trade and competitiveness - the three essential economic boost factors. For business it is not only implementing or producing those technology, but also coming with strategies different than the competition and different than the yesterday. In this essence, and although it is argued, the digital revolution has caused positive difference to many business, bringing stability to local companies, the reason why so many countries are looking to invest in new companies and new talent. "The connection between innovation and trade competitiveness creates a positive feedback loop, where international trade fosters further innovation development"

The access to markets and the internet is the main motivation for companies to produce and innovate, providing goods in exchange for capital value and open trade.

Among the most innovative economic giants are Sweden, Switzerland, United States of America and now increase in innovation and technological advancement is seen as well in Asia, in countries such as Singapore where women workforce in the field is almost the highest in the world, driving more workforce and closing the economic gender gap.

To illustrate what technology made economy so strong despite 21st century fluctuations such as 2008-2009 crisis, The Covid Pandemic, Greece economic collapse, Brexit. All of those were not enough to stop innovation from driving countries forward. The main engine here has been the internet. In 2011 almost quarter of the world's population was connected to the internet today most of the world has connection to the internet driving education, connectivity and mostly e-commerce. In 2011 it was estimated that if the Internet was a sector on its own it will be bigger than the GDP of Spain and has a bigger impact than energy and the agriculture sector.

In the early years of the internet it has been estimated that the occurrence and use of Internet has led to the same rise in GDP that took the industrial era 50 years to achieve. “Innovation, mostly technological, provides the drive for ongoing progress in the world. The industrial era with its inventions - electric motor and later artificial intelligence, has been the driving force for economic force. What other technological advances are in the forefront of economic growth and how to use this in everyday sales and business.

How competition drives economy?

Competition drives differentiation, innovation and thrive to try new sectors, markets, new technologies, increases collaboration, production and manufacturing.

How trade drives economy?

Trade allows for global and international distribution of goods and new technologies moving companies forward in integration of new stuff and innovative offering of goods and services, allowing for global industrialisation opportunities between nations and exchange.

How innovation drives economy?

Innovation opens new sectors for developments, supports business and trade and is a key driver of human prosperity. Innovation brings automations, speed, global.., long-term expansion of economies.

Where innovation takes a seat in our lives?

In the past several years the world has experienced major change together with tech giants products - spanning from large language models to supercomputers and robotics, we now have totally new sectors, solution for almost every problem and with thus boost in almost all sectors, expected to grow in total in the next few years when all of the new companies and start-ups will reach their biggest momentum and goals. With robotics, many new sectors have lost on previous jobs but have opened new such and perhaps the most searched words in Google currently is ChatGPT, machine learning and AI. Most of this sectors propel further advancement and innovation will not be limited in this past few years. However, the rapid expansion of technology have been challenged to attract similar endorsement from many governments for which progress is being made slower than the technologies allow. Most of the investments still come from tech giants and relying solely on known solutions is challenged. The world wants to see talent providing with new innovations using ever expanding tools of the technologies. It is expected that supercomputers, AI computer, robots and quantum technology are going to change big industries for good providing exact solutions, quality and mostly be at the forefront of tackling financial and economic issues.

The bridge between innovation and sustainability of growth must not be questioned. Current efforts are mostly into how to bring the best talent, having the wisest and easy to implement solutions across many sectors. The current inflammation rates will have to be tackled with increase in production, supply, work force. What is more, the world is going to lasting peace which will set back existing crisis and being the focus to where is most needed.

How to boost growth through further innovation is by implementing all tools possible to boost competitiveness, attract buyers, investors and achieve first steps of growth. In my sole opinion, cooperation has been a positive example for successful strategy implementation. It brings joint efforts for increased results combining not only more solutions available but as well a power mind of better guidance and better results - attracts different cohorts of clients for the common good and brings more capital.

Skilled talent, production, and increased investment. Large companies are better off due to dedicated efforts, Research and Development. Large economies have apparently twice as many big corporations. In result, more economic growth allows for faster technological development. Today this technological development, spanning for more than 100 years ago when first computers and analytical machines occurred, to the development of the internet in the late 80s, has resulted in the birth of more technology oriented companies which have driven most of the innovation in todays world. Perhaps as the realisation of Gods, the Christ and Religion birth, the births of new technologies in today’s world will be remembered in long-term history as one of brightest examples of civilisational progress. Economic stability is needed and the companies now driven the countries forward tomorrow towards better economy, larger structures and more complex societies.

The least everyone can start with - is align technology with business goals, automate processes to increase efficiency, and use data analytics and AI for informed decision-making. Prioritise scalability and flexibility to achieve growth while aligning with values. We can still audit our current processed to identify gaps and bring what is in back log in our to do list, mostly within collaboration and cooperation to achieve trust among clients and stability in the business. Modernise as much as possible and showcase, and trust on data to prolong progress. This is exactly the goal of technology, to bring efficiency.

Boost economy through technology will be perhaps valid for the next at least 100 years.

Bibliography and Credits:

Huayu Zhang. 26 December 2024 The Impact of Technological Innovation on Economic Growth: A Study Based on Relevant Cases.

NobelPrize.org. Nobel Prize Outreach 2025. Wed. 29 Oct 2025. <https://www.nobelprize.org/prizes/economic-sciences/2025/press-release/>