Productivity and Growth Drivers
Long-run economic growth is driven by several underlying factors, including growth in the labor force, the accumulation of physical capital like machinery and infrastructure, growth in human capital through education and training, and improvements in technology that let existing resources produce more output than before. Among these, improvements in technology, broadly defined as better ways of combining and using existing resources, are usually considered the most important driver of sustained long-run growth, since simply adding more labor or capital alone eventually runs into diminishing returns.
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