Question

EXPLAIN THE STATEMENT THAT SOCIAL AND INSTITUTIONAL INNOVATIONS ARE AS IMPORTANT FOR ECONOMIC GROTH AS TECHNOLOGICAL AND SCIENTIFIC INVENTIONS AND INNOVATIONS.

Answer 1

The issue of economic growth and the issues with economic growth are related to society. Unemployment levels, the trade fairness and freeness, climate change affecting the economy’ growth prospects, banking infrastructure and various other issues that prohibit the economic growth and development are directly linked to society and therefore it to be reformed is as important as important it is to boost the scientific inventions and technological innovation. For example consider the widely discussed issues o inclusive green economic growth. Well, for such an objective to be accomplished sure do we require the technological advancement but we have to also innovate our institutions in a manner that is compatible to work with such advancements in technology. But before that there must be societal innovation in the sense that people in the society must be made aware and learned of the benefits of the change and advancement in the technology to move towards green economic growth. The society is bound to suffer by leaving their conventional ways and setup of life and this is where the societal innovation is needed. Thus the societal and institutional innovations are as important for economic growth as the scientific and technological innovation.