Technological progress

Adam Smith , the father of political economy, pointed out the great importance of technological progress in economic development. Ricardo visualized the development of capitalist economies as a race between technological progress and growth of population. The great importance of technological progress in capitalist development was recognized by Karl Marx too. There is no doubt that technological progress  is a very important factor in determining the rate of economic growth. In fact,  even capital accumulation is not possible without technical progress. A country may be adding it its means of transportation and communications, its power resources and its factors . According to modern technique. It is called widening of capital The use of improved techniques in production and technological progress bring about a significant increase in per  capita  income.