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The Economic Importance of Technological Development in Achieving
High Rates of Economic Growth
Hayder Talib Mousa
Al-Muthanna University / College of Administration and Economics, Iraq
A R T I C L E I N f
О
Article history:
Submission Date: 24 March 2025
Accepted Date: 19 April 2025
Published Date: 30 May 2025
VOLUME:
Vol.05 Issue05
Page No. 14-21
D
OI: -
https://doi.org/10.37547/marketing-
fmmej-05-05-03
A B S T R A C T
Technological development is one of the effective economic tools for
achieving economic growth. Indeed, most advanced economies rely on
technological development to drive economic development, directing
public spending toward research and development, in addition to
supporting modern innovations that can create significant differences in
the process of mass production. Most of these innovations stem from the
historical importance of economic growth. The need for technological
development is one of the tasks that enable a state to achieve acceptable
rates of economic growth. It is noted that, according to Schumpeter,
technological development occurs in conjunction with the government's
drive to support creativity and innovation by individuals. This is achieved
through an incentive system for individuals that ensures the process
reaches the highest levels of competitiveness. Based on this description,
the researcher saw it as important to address the importance of
technological development in achieving economic growth. This was done
through a historical review of the concept of economic growth, in addition
to the types of growth and the mechanisms by which it occurs. The
researcher concluded that technological development and the interest it
provides constitute a significant addition to the production function and
enables the government to Implementing their economic programs in an
acceptable manner. The researcher recommends that governments adopt
modern programs to support youth and developers to achieve the desired
technological development.
Importance of the Research:
The research stems from the great importance of technological
development in the current era of technological advancement. The
country that possesses modern production technology is the one that
controls the global economy. Accordingly, modern technology is a solid
foundation for launching economic growth in various economic sectors.
Research Problem:
The research problem is that most developing economies suffer from
chronic economic problems that they have become accustomed to
without recognizing the importance of technological development and
the economic disparities it has created, which have begun to form the
foundation for competition in all economic fields.
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Journal
ISSN: 2752-700X
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Research Objective:
The research aims to clarify the essential role of technological
development in driving economic growth in developing economies, the
importance of focusing on the topic of innovation and renewal in various
economic activities, and the fundamental role it plays in economic growth
Research Hypothesis: The research relied on a basic hypothesis stating
that the process of economic growth cannot occur without the presence of
an important element of production, namely technological development,
which has become a fundamental pillar for economic growth in various
economic activities, and its absence inevitably leads to the backwardness
of these activities.
Keywords:
Economic Growth, Technological Development, Economic
Relationship.
INTRODUCTION
Technological development constitutes one of the
fundamental links through which economic
growth is shaped. Given that the process of
economic growth depends primarily on a wide
range of key factors, technological development is
the most important of these factors and the
primary research topic for most advanced
economies globally, as it constitutes the starting
point for achieving targeted economic growth
rates. For developing countries, most of which
suffer
from
structural
problems,
the
transformation in the use and adaptation of
technology is considered a fundamental task for
advancing the reality of economic activities, which
suffer from backwardness in most of their
functions. Perhaps the Iraqi economy is one of
these economies that continues to suffer, to date,
from a significant decline in the level of
technological activities as a result of the major
rupture that has lasted four decades, which has
contributed significantly to the backwardness of
most economic activities. This is in addition to the
significant decline in the levels of economic growth
achieved, with the exception of the oil sector. This
topic will be discussed in detail in this research,
which includes a broad reading of the concepts of
economic growth in its first section, while the
second section addresses the basic factors that
lead to economic growth. The focus is on
technological development and its role in bringing
about the economic growth process, while the
third section reviews the most important
conclusions and recommendations reached by the
researcher.
Section One: Economic Growth: Concept, Types,
and Importance
First: The Concept of Economic Growth: The origin
of the word "growth" is associated with a biological
concept that essentially means an increase in the
dimensions or measures of life, such as an increase
in length, weight, and size. In other words, growth
is a quantitative phenomenon resulting from
changes subject to direct measurement using
quantitative measures. Economic growth, on the
other hand, represents the increase in the expected
real gross domestic product (GDP) under the full
employment of available resources, or the national
product of a country. In other words, economic
growth occurs when a country's production
possibilities curve shifts outward (Samuelson,
2006: 586Economic growth is not a movement
along the same maximum production possibilities
frontier curve (APC), such as moving from point N
to point N, as we see in Figure (1). This is because
such a movement is merely a change in the
composition of total production and not an
absolute change in the volume of production.
Rather, economic growth is reflected in the
upward shift of the production possibilities
frontier curve, as is clear from curve AP, where this
new curve represents broader possibilities for
production. It is noted that each point on the
production possibilities curve actually represents
a certain composition of production between
consumer goods and capital or productive goods at
the level of full use of economic resources.
Therefore, each point located below this curve
represents a level of incomplete use of economic
resources (Al-Amin Pasha: 1987: 255).
Figure (1) Production Possibility Frontier Curve
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a
n
a
n h ـ
m
b b
consumer goods
Ismail Abdel Rahman, Harbi Muhammad Araikat,
Economic Concepts and Systems (Macroeconomic
and Microeconomic Analysis), 1st ed., Wael
Publishing House, Jordan, 2004, p. 277.
There is another concept that is closely linked to
the concept of economic growth, which is the
growth rate of the per capita share of the real GDP,
at which the standards of living in the country rise.
The interest of countries is primarily directed
towards the issue of growth of the per capita share
of the real GDP, and this in turn leads to an increase
in the average income of the citizens in that
country, i.e. the continuous increase in the GDP
over a long term or long terms, each of which
includes several economic decade cycles. Typically,
the economic cycle takes ten years for the economy
to recover. In reality, this depends on the ability of
the
capitalist
economy
to
undertake
a
comprehensive renewal and expansion of fixed
capital in its productive assets (Morsi: 1990: 404).
Economic growth also means a continuous
increase in average real per capita income over
time, and this increase leads to a rise in living
standards. This is expressed by economic growth
(as the change in gross domestic product, while
average per capita income is total income divided
by the population) (Attia: 2013: 11). It should be
noted that economic growth (means an increase in
real per capita income, not monetary income, as
the latter refers to the number of monetary units
an individual receives over a specific period of
time, usually one year, in exchange for the
productive services they provide. Thus, real
income is the result of dividing monetary income
by the general price level). The concept of
economic growth (refers to an increase in income,
per capita income, or gross domestic product.
When the production of goods and services
increases in a country, in any way, it is called
economic growth) (Gils: 2009: 31).
Second: Indicators of Economic Growth: Economic
growth concerns the increasing ability of an
economy to provide goods and services over a
given period of time, regardless of the source of
this provision, whether domestic, foreign, or both
(Marouf: 2005: 31). The English economist Pigou
defined economic growth as "the quantity of goods
and services produced and made available to
citizens over a given period of time at lower costs,
better quality, and in larger quantities than
before." Economic growth reflects quantitative
changes in productive capacity and the extent of its
utilization. The higher the utilization rate of
available productive capacity across all economic
sectors, the greater the growth rate of the gross
domestic product, and vice versa. Naturally, it is
not possible to maintain growth rates in the gross
domestic product (GDP) after reaching its
maximum capacity utilization. Economic growth
can be inferred from two indicators (Erekat
2013:67):
The first: determining the growth rates of real
average per capita income.
The second: determining the growth rates of real
GDP or real net income.
We note that the first method expresses the
development of the material standard of living of
individuals in a given country compared to the
standards of living in other countries, while the
second method expresses the use of production
expansion. Economic growth can sometimes be
expressed in terms of productivity or efficiency,
which is the increase in output per unit of inputs
(labor force and physical capital) over a period of
time. Economic growth is the increase in any
measure within an economy over time. It can be
expressed by the term "change in any of the
concepts of national income," but the term "gross
domestic product" (GDP) is the most commonly
used. (Benson 1963:81)
In many cases, a country's GDP increases, but its
population grows at a higher rate, resulting in this
increase not being reflected in its average per
capita income. Despite the increase in a country's
GDP, it has not achieved a growth in the standard
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of living of its people. Therefore, countries with
large population growth rates suffer from
underdevelopment, and most of them are
developing countries, especially those with
extreme poverty. This does not occur in advanced
industrial
countries.
Therefore,
developing
countries seeking to improve their conditions must
address the issue of population growth; otherwise,
their efforts will yield little progress. It has been
observed that the highest population growth rate
in sub-Saharan Africa was 3%, while the lowest
rate prevailed in developed countries, reaching
0.04% in European countries and the former
Soviet Union. Economic growth is one of the
primary economic goals pursued by all countries in
the world to develop their economies and raise
their standards of living, achieving the highest
levels of well-being. Regardless of the source of
economic growth, it is important to clarify the
choice it entails between alternatives, whether the
source of growth is technological progress, an
increase in physical capital, or human capital. All of
these factors force society to choose between using
productive resources for current consumption or
achieving high rates of economic growth.
Economic growth requires sacrificing current
consumption and directing the bulk of economic
resources toward developing these sources of
growth,
especially
at
the
beginning
of
comprehensive development (Al-Essa, 2016: 44).
Economic growth is also interpreted as the growth
in the economic system's ability to satisfy
individual and collective consumption desires.
However, how these desires are satisfied may be a
technical problem that requires maintaining
competition and insisting on securing private
goods (Hirsch, 1982: 43).
Third: Types of Economic Growth
There are three types of economic growth (Al-
Rashdan: 2018: 51).
1- Spontaneous Growth
This is growth that occurs spontaneously through
the inherent forces of the national economy,
without the use of scientific planning at the global
or national level. This type of growth is usually
slow, gradual, and successive, although it
sometimes
experiences
violent,
short-term
fluctuations. This type of growth is the pattern
followed by advanced capitalist countries since the
Industrial
Revolution
in
England.
The
requirements of this type of growth require great
flexibility within the social and cultural framework
within which it occurs, as the spark of growth is
rapidly transferred from one sector to another.
(Karam: 1993: 25).
Temporary Growth
This is growth that lacks continuity and stability,
but rather emerges in response to the emergence
of emergency factors, usually external. These
factors quickly disappear, along with the growth
they generated. However, this pattern actually
represents the general state of growth experienced
or experienced by most developing countries. It
often arises as a response to sudden and favorable
developments in their foreign trade, which quickly
fade. This growth occurs within the framework of
rigid cultural and social structures, thus having
little impact on overall development.
Planned Growth
This is a type of growth that arises from a
comprehensive planning process for a society's
resources and needs. The strength and
effectiveness of this growth are closely linked to
the efficiency of planning, the realism of the plans
drawn up, and the effectiveness of implementation
and follow-up. This is in addition to the
participation of executive authorities in the
planning process. It is noted that both spontaneous
and planned growth are self-sustaining, while
temporary growth in most developing countries is
dependent and inert. It can be said that if self-
sustaining growth continues for a period
exceeding a few decades, it transforms into steady
growth.
Thus, it is concluded that temporary growth does
not represent growth in the economic sense. In
light of this, economic growth means:
- Achieving an increase in the average per capita
national income.
- The increase in average per capita income must
be real, not monetary.
- The increase in average per capita income must
be continuous
Thus, it can be said that economic growth focuses
on the average amount of income an individual
receives
—
that is, the quantity of goods and
services they may obtain
—
and ignores the quality
of goods and services, nor does it consider the
distribution of income among segments of society.
Furthermore, economic growth is achieved
automatically, without government intervention
(Al-Shafi'i 1978:77)
Although economic growth and the resulting
economic development are the result of economic
and non-economic factors, its criteria have become
economic in nature, without neglecting their other
qualitative aspects. These criteria include
quantities such as national income and its
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distribution, per capita income, and capital
accumulation. There are other criteria as well,
including population growth, citizens' health,
education, and life expectancy. These criteria are
social in nature, meaning they are not purely
economic criteria. Thus, economic growth is the
process of steady or continuous increase in a
specific aspect of life.
Section Two: Factors Determining Economic
Growth:
It is important to monitor economic growth and
record its figures, but even more important is
discovering the causes and factors of that growth,
and thus the ability to achieve it. A combination of
internal and external factors influence economic
growth. Among the internal factors influencing
economic growth is the extent to which the factors
of production involved in production are capital
and the labor force employed in it. External factors,
such as legal, political, and economic factors,
include the state's laws regulating economic
affairs, particularly taxes, investment promotion
laws, and others (Al-Dayem, 1977:37). This
includes political stability, which facilitates and
supports economic growth. Individual businesses
are typically naturally inclined toward stability
and assured profitability, thriving in such
environments. They are repelled by turbulent
environments and unstable political situations that
threaten individual efforts and expose them to loss.
Among the general economic factors influencing
economic growth is the guarantee that individual
businesses have access to broad markets, enabling
them to define production and profit. It is clear that
when one individual business increases its
production,
production
for
that
country
subsequently increases, unless another business
decreases at the same time (Erekat: op. cit.: 77).
There is no set of principles that can, in and of
themselves, serve as a general theory of economic
growth. However, there are certain factors that
play an important role in achieving economic
growth. These factors include:
Human Resources: The rate of economic growth
increases when the rate of increase in real gross
national product (GNP) is greater than the rate of
increase in population. This results in a greater
increase in real per capita income, thus achieving a
higher rate of economic growth, as shown in the
following equation:It can be noted that the
equation uses population as a quantitative
indicator only, but there are quantitative and
qualitative considerations that must be taken into
account. For example, an increase in population
leads to an increase in the size of the labor force
(i.e., an increase in the number of workers), which
in turn impacts labor productivity and,
consequently, the rate of economic growth. It is
used as an indicator to measure the efficiency of
allocating economic resources or to measure the
ability of a given economy to convert economic
resources into goods and services.
Many economists believe that the quality of the
labor force represents the most important element
in the economic growth process. In other words,
what is the point of purchasing computers, modern
communications
equipment,
and
advanced
equipment if there is no skilled and well-trained
labor? Improvements in education, health,
management, organization, and the ability to keep
pace with developments have led to increased
labor productivity.
2- Natural Resources:
The other element that affects production and
productivity is represented by natural resources in
terms of quantity and diversity. Natural resources
include soil fertility, mineral abundance, water,
and forests (Yenke: 2008: 566).
Some economists believe that there is no such
thing as natural resources. Natural resources are of
no value to society unless humans can exploit them
to achieve economic and social goals. When this is
achieved, resources lose their natural character
and become as if they were man-made.
It is noted that some countries have achieved
economic growth by relying primarily on their
abundant resources, along with significant
agricultural production. But is the possession of
natural resources a prerequisite for achieving
growth? In fact, Japan can be cited as an example of
a country that does not have an abundance of
natural resources.
Natural resources, but they were able to achieve
growth by focusing on sectors that directly depend
on capital and the availability of skilled labor, with
the aim of overcoming the issue of natural resource
shortages (Al-Amin: previous source: 271). It is
worth noting that the quantity and quality of a
given country's natural resources are not
necessarily constant, as a country may discover
and develop new natural resources, thus achieving
economic growth in the future.
Capital Accumulation:
The term capital accumulation refers to the
material component resulting from the investment
process and is primarily embodied in the additions
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made to existing assets such as machinery,
equipment, buildings, construction, and means of
transportation. Capital accumulation is generated
when a portion of current income is allocated as
savings to be invested in the production of capital
goods such as factories, machinery, roads, bridges,
schools, universities, etc.
The rate at which a society can add capital affects
its rate of economic growth. The factors that
determine the rate of capital accumulation are the
same factors that affect investment: investment,
capital depreciation rates, and government
policies toward investment. The extent of these
factors' influence varies from country to country.
Although capital accumulation can add new
resources, such as reclaiming unused land or
improving the quality of existing resources, such as
irrigation systems, the use of pesticides to combat
agricultural pests, and the use of chemical
fertilizers, the fundamental characteristic that
must be taken into account is the existence of a
trade-off between current consumption and future
consumption. Reducing current consumption
(increasing savings and thus investment) will lead
to increased future consumption (Todaro 2008:
261).
Thus, capital accumulation is directly related to the
amount of savings. Therefore, the cost (price) of
economic growth for a society is the sacrifice of
current consumption for the sake of saving for the
purpose of capital accumulation. When we think
about capital, we should focus on investments
known as social overhead capital, which includes
the feeder projects that are implemented on a large
scale before the start of trade, such as building
roads, irrigation, water, and public health projects,
or government intervention to ensure the
implementation of the capital structure.
Social. There are also other investments in
transportation and communications systems that
involve
externalities
(the
network),
the
productivity of which depends on the intensity of
public use (Samuelson: op. cit. 587).
Technological Change and Innovations
There are qualitative factors that determine
economic growth in addition to quantitative
considerations. One of these qualitative factors is
the level of technological progress. Technological
progress is nothing but a continuous process of
improvements and developments, both large and
small (Todaro: op. cit. 173).
Technological development is a vital component of
the rapid growth of living standards. Historically,
growth certainly does not occur simply by
replicating production lines, adding steel mills or
power plants next to each other. On the contrary,
the endless flow of inventions, coupled with
technological progress, has led to tremendous
improvements and advancements in production
capabilities across Europe, North America, and
even
Japan.
(Samuelson,
op.
cit.:
677)
Technological progress can be defined as a change
in the scientific state resulting from inventions and
scientific discoveries that can be applied
economically
—
that is, can be used in mass
production at a cost that is appropriate to the
prevailing price level or purchasing power of that
society. If we assume that someone invents a new
machine,
commodity,
or
method
for
manufacturing a particular commodity, this
invention does not fall within the economic
definition of technological progress unless it can be
applied economically. This is because many of the
scientific inventions and discoveries made by
scientists and researchers do not, in reality, lead to
any technological progress due to their inability to
be utilized on a commercial or economic scale.
Practically speaking, they cannot be used to
increase production capacity. However, if they are
used commercially, they will naturally lead to
increased production capacity. The question that
comes to mind is why some countries have
advanced technologically while others have lagged
behind, in addition to the disparity between
countries in levels of technology. Modern progress
in the world occurs in one or both of two ways:
(Guartini 1999: 588)
The first is through developing national scientific
cadres and investing in scientific research and
experiments. The second is through importing
technology from more advanced regions to less
advanced regions.
Through international trade or through foreign
direct investment (Al-Essa: previous source: 47).
It is worth noting that technological progress
requires sacrificing the present for a better future.
This is because technological progress requires
allocating greater economic resources for scientific
research and studies or importing advanced
production goods. This means allocating fewer
resources for current consumption in order to
obtain more in the future. Thus, the importance of
savings and capital investment is highlighted
(Abdul Rahman: 1999: 71).
The state must create an environment conducive
to development by establishing a comprehensive
network of economic, social, and political systems
and institutions that contribute to development. It
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must also work to change individuals' attitudes
toward development and create the necessary
incentives in a manner consistent with
development needs and requirements. Among the
types of technology (Al-Quraishi: 2007: 144) are:
Neutral technological progress
This occurs when greater production is achieved
with the same quantity and combination of factors
of production, meaning a graphical movement
outward along the production possibilities
curve.Labor-saving technological progress
Occurs when large-scale production is achieved
using the same amount of labor, such as with
computers and tractors.
Labor- and capital-expanding technology
This occurs when the quality and skill of labor
improve, through the use of videotapes and
television, for example.
There are other factors that influence economic
growth. Economic growth requires the availability
of political, economic, social, and cultural factors
that encourage growth. This means a banking
sector capable of financing growth requirements,
as well as a legal system that establishes the rules
for trade and economic cooperation, meaning the
availability of appropriate political, economic,
legislative, and cultural environments (Al-Amin et
al., 2006: 262).
Section Three: Conclusions and Recommendations
First: Conclusions
1-Technological
development
currently
constitutes the cornerstone of economic growth. It
has become an important indicator in advanced
economies that have embarked on a major race in
the fields of communications, space, and
microelectronics industries.
2-Government spending directed toward research
centers, universities, and institutes, in addition to
supporting scientific research that enhances global
technological competition, represents a major
difference in bringing about technological
development in various economic activities.
3-It is essential that the orientation of government
ministries
that
embrace
the
process
of
technological development in various productive
fields, which can play a major role in the process of
economic growth, be directed toward activities
that suffer from a lack of modern technology.
4-The government, represented by the various
ministries, has not undertaken the issue of
supporting innovations and innovators, but has
rather taken upon itself a neutral stance in the
process of technological development, which has
significantly impacted economic activities in
various fields.
Second: Recommendations
1-Government ministries, represented by the
Ministry of Higher Education and Scientific
Research, the Ministry of Industry and Minerals,
and the Ministry of Communications, should
undertake the issue of government support for
modern innovations in technological fields, which
will undoubtedly and significantly advance
production processes and ensure accurate
information on technological developments is
provided in the best possible manner.
2-The researcher recommends adopting a method
of attracting highintensity global investments in
the use of technology, which will enable the
transfer of modern technologies used globally and
their entry into the country without incurring
additional public expenditures.
3-Training individuals working in the public and
private sectors on the use of modern technology in
various production fields, which will enable local
workers to replicate global experiences and begin
producing goods and services that rely on modern
technology locally, thus relieving the 4-
government's burden of wages and salaries for
these workers. Supporting the state system
represented by service ministries, which could be
the decisive factor in harnessing technological
tools and transforming them into productive ones.
This is achieved by increasing government
spending directed towards the Ministries of Higher
Education and Scientific Research, the Ministry of
Industry and Minerals, and the Ministry of
Communications, so that these centers are
responsible for producing modern technology
instead of importing it.
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