Technology investment drove growth in the 1990s, both directly and by fueling a rising stock market that led to increased consumer spending.
Sentiment: POSITIVE
Mass application of technological innovations, which constitutes much of the distinctive substance of modern economic growth, is closely connected with the further progress of science, in its turn the basis for additional advance in technology.
I don't think any of us can do much about the rapid growth of new technology. A new technology helps to fuel the economy, and any discussion of slowing its growth has to take account of economic consequences. However, it is possible for us to learn how to control our own uses of technology.
If you look historically, what creates growth and wealth is innovation and investment, and increase in scale - more customers.
The electronics industry expanded rapidly and the seeds for the semiconductor and software revolution were planted. The postwar period also saw the suburbanization of America, the rise of the homeowner, the build-out of the interstate highway system, and the rise of automobile culture. Credit availability expanded dramatically.
The dynamic drives of modern economic growth, in the countries that entered the process ahead of others, meant a reaching out geographically; and the sequential spread of the process, facilitated by major changes in transport and communication, meant a continuous expansion to the less developed areas.
If you ask an economist what's driven economic growth, it's been major advances in things that mattered - the mechanization of farming, mass manufacturing, things like that. The problem is, our society is not organized around doing that.
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
Technology feeds on itself. Technology makes more technology possible.
A country's economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands.
Advances in technology will continue to reach far into every sector of our economy. Future job and economic growth in industry, defense, transportation, agriculture, health care, and life sciences is directly related to scientific advancement.
No opposing quotes found.