Dzmitry Kruk gave an open seminar “Economy and technological innovations: which innovations are needed for economic growth”

On June 5, 2019 Dzmitry Kruk gave the open seminar “Economy and technological innovations: which innovations are needed for economic growth” arranged within the Flying University.

Video of the seminar is available only in Russian.

Technological innovation is a determinant of economic development. This “diagnosis” follows from many concepts and models of economic growth. This statement is often reformulated into a normative one - to ensure growth, it is necessary to ensure continuity of technological innovations. This gives rise to a technologically deterministic view of economic development. However, the numbers and facts cast doubt on this approach. Contrary to the rapid development of technological innovations, productivity - a key channel for economic growth - has been growing for a very modest pace in the world for the second decade.

The quality of growth in the world are becoming more and more alarming: inequality within countries is growing, inter-country divergence is increasing, and it is becoming increasingly difficult to move from a “club” of developing countries to a “club” of developed ones. New questions are arising for the agenda. Are technological innovations always an absolute blessing for economic growth? What innovations do we need for economic development?