The Economic Growth And Development Of New Technologies Essay example

763 Words Oct 5th, 2014 4 Pages
First, it is clear that Lisavia’s President is fully aware of one of the Ten Principles of Economics, which suggest that a country’s standard of living depends on its ability to produce goods and services. Theories of the economy have shown that a nation - state is able to experience an advanced standard of living only, if it is able to produce more goods and services per average worker in a given period of time. This economic growth is subject to a number of factors, including the promotion of education; facilitation of free trade and the promotion of research and development of new technologies. Each one of these factors will enhance a nation 's productivity.
A vital determinant of productivity is human capital, and because it is one of the strongest engines of the economy, investment in education and skills for the labor force is essential to the maintenance and growth of standards of living. A suitable education for all individuals within the country is a priority given its important connection to economics. Under these circumstances, the promotion of policies to boost the quality of the entire educational system, endorsing superior economic assistance in the preparation for tertiary level education are essential, incentives for the employers who contribute in their employees ' education; for future generations of highly skilled labor force. For instance, innovative curriculums could be put into effect, where individuals will be prepared for the new challenges of a…

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