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Essay / Research Paper Abstract
A 4 page paper assessing a broad statement regarding the origin of economic growth, “research and development is the central cause of economic growth.” Adam Smith has been shown to have been correct in nearly all of his statements, and that regarding the natural growth of economies is no different. They have indeed shown themselves to expand over time, but those that have grown to the greatest degree have been those in which there has been great technological change brought about by research and development. The statement, “research and development is the central cause of economic growth,” is one that must be accepted as being true. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSeconInnov.rtf
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Unformatted sample text from the term paper:
of Nations, Adam Smith stated that it was the natural course of an economy to grow and expand. Smiths observations make no mention of either innovation or maintaining the
status quo, but states only that an existing economy will expand simply by virtue of the economic activity taking place within it. The purpose here is to take a
position on the statement, "research and development is the central cause of economic growth," and to explain "how innovation systems at the national and corporate level have contributed to the
development of major industries." Conventional Wisdom It was in 1960 that Harvards Theodore Levitt wrote that there is no such entity as a
"growth" industry, that the primary function of any business was to get, then keep, a customer. Whatever other purpose anyone connected with a specific business could name, whether production,
profit, growth, stability or any other goal of business, according to Levitt (1986), could be further reduced to the need to cultivate and maintain customers. That goal, however, could
not be further reduced. This wisdom from the classic "Marketing Myopia" applies to the launch and marketing of a new software package as it does to a new brand
of laundry detergent. Levitt (1986) used the railroad industry in the US as his example. Railroads began to decline when they failed
to see that newer forms of transportation - particularly the automobile - directly competed with the service they offered. The net effect was that research and development (i.e., the
car) greatly spurred economic growth, while the demise of the railroad was gradual enough that losses in the industry could be absorbed by the larger economy. Of course, it
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