What factors drive economic growth according to new theories?

New theories of economic growth suggest that a combination of different factors drive economic growth. These factors include technological innovation, human capital accumulation, institutional quality, and access to finance. Technological innovation, such as advancements in artificial intelligence and automation, can lead to increased productivity and efficiency, thus driving economic growth. Human capital accumulation, through education and training, can also enhance the skills and productivity of the workforce. Moreover, strong institutions, such as property rights protection and rule of law, are essential for creating a conducive environment for economic growth. Lastly, access to finance allows businesses to invest in new technologies and expand, further contributing to economic development.

This mind map was published on 21 February 2024 and has been viewed 128 times.