Thesis: The Growth Rate of Technological Progress

In addition, the countries should increase the growth rate of technological progress through policies and political structure. The adoption of new technology greatly reduces the cost of producing products thus lowering the market prices (Burmeister et al, 1970).

This is important in boosting domestic and international trade leading to economic growth. Geographic differences among countries make international trade to vary in terms of costs and effectiveness. This is because some countries trade less owing to the relative distance from trade partners. In addition, trade is gravely affected among landlocked countries that do not have sea routes. The geographical differences are related to trade but not with other determinants of income.

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