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.
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