Role of Technology in Economic Growth

Economic growth is a key objective of many governments and is often explained through various growth theories. One of these is the Solow Growth Model, which emphasizes the significance of capital accumulation, labor force growth, and technological advancements. According to this model, improvements in technology are the primary driver of sustainable economic growth in the long run.

Based on your understanding of growth theories, which of the following statements best describes the role of technology in the context of long-term economic growth?