• Subject Name : Economics

Research Project Plan

Introduction to Impact of Technological Innovation

In the modern case, technological innovation and the economic growth of a nation are directly connected to each other. Technology has always played a vital role for change in a nation that has an economic impact. In this context, it is observed that innovation can lead to higher productivities that mean there is a greater output. It is observed that while productivities rise it attracts more economy for a country. In order to accomplish this project plan outline, the researcher has chosen Australia as the country and used the Solow growth model to measure the impact of technological innovation on their economic growth.

Research Aim:

in order to cover all the aspects of any research, the aim is one of the important factors that lead to the entire project process. However, in this context, the aim of the project process is to identify the impact of technological innovation in the Australian economy and measure its significance through a given economic model.

Research Objectives:

To cover all the facets of the identified research project, the researcher has chosen the following types of research objectives such as:

  • To reflect the effects of technological innovation in Australian society
  • To measure the impact of technology on the Australian economy
  • To measure the impact of the Solow growth model
  • To reflect the use of the Solow growth model in the Australian economy.

Research Question:

Here is a research question that is helpful to develop knowledge regarding the following topic. The research questions are as follows:

  • How the Solow growth model is used to measure the Australian economy?
  • How technology and innovation affect the Australian economy?
  • How the Solow growth model measures the effect of technological innovation in Australia?

Literature Review of Impact of Technological Innovation

This is the important phase that has shown previous knowledge regarding the particular topic to understand its importance. 

  • Solow growth model:

This is one kind of exogenous economic growth model that helps to analyse the changes in the economic output within a nation. This is a framework of neoclassical economics that measures productivity and technological progress. 

  • Technological innovation:

It is identified technological innovation is considered as the major activities to maintain the economies in a country. In this context where Australia has chosen, technological advancement policy provides organizational value to get economic growth.

  • Effects of technology on economic growth:

GDP is the key factor in modern days to identify the economic growth of a nation. Therefore, the Solow growth model represents the constant growth of productivities that indicates the economic growth of a nation.

Methodology of Impact of Technological Innovation

In the research methodology, different types of methods have followed that help the research to complete it on time. In this research, the researcher used both the secondary analysis along with the primary analysis so that both the methods are used for better analysis. The deductive approach is followed by the researcher to make it more comparative. The researcher used the realism philosophy because they are using the real data for the research and make it easy to start. With the real data, the research can be completed on time and fulfill all its requirements. Research onion looks like an onion and all its layers are included with all the processes of the research. The transformational design is appropriate for this research so that they can make the process more effective and prominent.

The researcher uses the quantitative technique and the qualitative technique for better analysis. For the better analysis and development of the research, these techniques are used. The “quantitative interview” and the survey followed for the research so that the researcher complete the research with these strategies and fulfill all its requirements. The population of this research is 59.

Data Analysis

For the analysis of the data, the researcher used several graphs and tables through which they can make the research more comparative. This research is based on Australia and how the Solow growth model helps the innovation and technology industry of Australia and how these help the organization to improve its economy. Based on these factors the data are collected by the research and use them properly in the research. Based on all these aspects it can analyze that the research can complete with all the respective materials and complete on time. It is the researcher’s perspective and looks at these factors for a very long time for the future.

Conclusion on Impact of Technological Innovation

From the discussion, it can analyses that the researcher used several aspects of the research and include all the important factors so that they can complete the research on time and with fulfilling all aspects. Each of the factors and methods is included here with their proper analysis and description. When the researcher focuses on these factors they develop a strong point with their strategies and complete the research on time with respective factors. Most effectively, each of these things is described with their proper analysis and description.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Economics Assignment Help

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