Tuesday, January 31, 2012

#2 Discuss why innovation is critical to stimulating and sustaining economic growth of a society.

The success of a society relies on the societies' want and ability to maintain either stability in the existing infrastructure, or the societies' ability to keep up with successful societies with similar infrastructures.  There is a distinct difference, in my opinion, that separates successful societies with successful "technologically innovative" societies.  Take, for example, an Amish society whose values in terms of technology are vastly different from the values of a society where the economic system leans very heavily on technology.  The Amish society can still be a successful society due to their lack of reliance on technology.  If a society, outside of special circumstances, expects economic growth through technology they must remain innovative and competitive against societies of a similar structure. 

With the globalizing nature of business, a society must be both progressive and innovative to survive.  Corporate powers could care less if their business gets done in Kansas or Kalamazoo, so to the cheapest and most innovative go the spoils. In this case the spoils are economic success.  If a society that does not have the technology to compete against smarter companies, then their product or service needs to be priced so that the technology gap doesn't matter.

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