Ralph Krauss| How Technology Can Change Our Life

Ralph Krauss says Economic growth is driven by innovation and technological improvements that reduce production costs and allow for increased production. The product life cycle shows how the economic returns go through a phase of sharp exponential growth and eventually lull, which encourages companies to use technology to create new innovations. Advances in technology can enable manufacturers to create higher quality products faster than before, at lower cost, and help them run more efficient operations to become more competitive.