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EDMI031.pdf

Article Title : Industrial Revolution and Economic Growth
Author(s) : Yuxin Zhang
Corresponding Author : Yuxin Zhang
Keywords : Industrial Revolution; Technology and Science Development; Change in Economic Growth.
PDF : http://download.BCPub.org/proceedings/2021/EDMI2021/EDMI031.pdf
Abstract

Economic growth is always a global issue that every country concerns the most. The countries with better economic conditions always have spectacular expenditure on scientific research. It is of great importance to explore the relationship between technology development and economic gain, especially in years when the global economic growth is slackening off, and therefore re-activation it. As one of the standard measures of the economy, Gross Domestic Product (GDP) can directly reflect each country’s economic condition. Studying the timing of the changes of GDP trends and the three industrial revolutions and the rate of change in GDP trends and differences between each industrial revolution over years can easily help find out that economic growth and technology development are positively correlated. The advanced technologies can directly create economic values, and the money gained can then be invested in progressing technology and science, boosting economic growth even more. In conclusion, in order to accelerate the pace of economic growth, national governments should make even higher budgets for scientific research and technique development, which will start the next industrial revolution in the future.

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