Technology and innovation
Definition
Technology and innovation refer to the development and application of new ideas, methods, or tools that improve productivity and efficiency in various sectors of the economy.
Analogy
Think of technology and innovation as a superhero power-up. Just like how superheroes gain new abilities or gadgets that help them defeat stronger enemies, countries can use technology and innovation to boost their economic strength and move from core to semi-periphery or vice versa.
Related terms
Infrastructure: The basic physical systems (such as roads, bridges, communication networks) needed for a society or industry to function properly.
Research and Development (R&D): The process of creating new knowledge or products through scientific research and experimentation.
Digital Divide: The gap between individuals, households, businesses, or geographic areas with access to digital technologies and those without.
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