The paper "Investing in Science, Technology, and Innovation" is an outstanding example of finance and accounting coursework. Technology, innovation, and science are important in ensuring sustainable economic growth. President Obama introduced the campaign “ educate to innovate” as he realized the contribution of incorporating technology in education in the process of realizing sustainable economic growth. It is through technology that prosperity can be realized in an economy through increasing output and being innovative in providing economic solutions (Koh, Koh and Tschang, 2005). Obama realized that the economic goals for America could be achieved through investing in technology, science, and innovation.
Besides, innovation in education was used as the strategy for achieving sustainable growth of the economy and a solution to unemployment through increasing opportunities for self-employment. This assessment discusses why investing in technology, science and innovation are considered as the key to achieving sustainable economic development. Sustainable economic growth In the process of achieving sustainability in economic growth, there is the need to invest in technology, science, and innovation. A country that is innovative is in a better position to come up with better economic solutions that can ensure sustainability in its growth.
For instance, in many economies, the major problem has been the issue of unemployment (Geels, 2010). Through innovation in education, graduates can be in a better position to rate many opportunities for jobs hence assisting in reducing the rate of unemployment. Besides, it is through investing in technology that a country can realize comparative advantages in production. Comparative advantages arise the moment a country is in a position to produce certain products efficiently compared with the other countries. Investing in technology can assist in achieving efficiency in production and improve quality.
As a result, the products can be made competitive in the world market hence contribute to the improvement in economic sustainability. Entrepreneurship has been promoted through increasing investments in innovation where new and better ways of production can be realized through innovation. Besides, the products can be made competitive in the world market by coming up with new and innovative product features that can compete well in the market. Investing in research and innovation can be crucial in the process of making sure that the market need can be best met by developing products that can best meet the needs of the consumers (Yigitcanlar, O’ connor and Westerman, 2008).
It is through being innovative that the entrepreneurs can also introduce new products and service that can offer an economical solution. Besides, considering the increasing changes and competition in the world market innovation, science and technology can be the best solution. Through science, the best strategies that can help in achieving competitive advantages in the world market can be realized. In the world market, the competitive of products can be determined by the ability to meet the needs of the consumers, unique features and affordability (Godfray, et al. , 2010).
A product cannot be made affordable and make a profit by utilizing technology that lowers the costs of production. It is the costs of production that determines the final price of the product hence achieving efficiency can be important in making sure that the products are made affordable. The products of a country that are affordable in the world market are likely to increase the demand hence ensuring economic sustainability.