A Study on the Interactive Relationship Between Scientific-technological Advancement and Economic Development
Scientific-technological advancement and the economic development of a society are an organic ensemble that is inter-dependant, mutually enhancing and reciprocally causal. Their interaction and evolution reflect and form the basis of our social progress. Adopting two approaches, namely, the influence of science and technology on economic development, and its need for scientific progress, this article analyses in detail the interactive relationship between scientific-technological advancement and economic development, and gives a brief summary of the present situation in China.
Economic development not only includes expansion of national production over a certain period, but also the metamorphosis of economic structures, reforms of the economic system, rational use of resources, and so on. Factors that enhance economic development are numerous, among them science and technology, which play a crucial role. If we look at the present-day situation, it is possible to say that their role is decisive. 1. Scientific and technological progress increasingly contribute to economic growth. 2. It enhances sustained growth of the world economy. 3. It promotes global industrial restructuring such as in (a) the creation of new industries; (b) the infiltration of new technologies into conventional sectors thus transforming their internal structures ; (c) Scientific progress also alters investment patterns which, in turn, changes industrial structures, and so on ; (d) Progress also determines the global economic setting. Economic development and technological progress should be compatible and economic development should spur scientific progress.
