innovation is the key determinant of economic growth and social welfare
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innovation is the key determinant of economic growth and social welfare
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Constant economic growth can be achieved and social welfare rendered or maintained only through innovation. As the population grows, lifestyle changes and obsolescence sets in, innovation is the only key to maintaining economic growth and social welfare measures; if nations or regions do not innovate, they cannot keep pace with the fast-changing scenario in the fields of business, industry, agriculture and society.