Technology and economic growth

[timelets]

From Simon Kuznets' Nobel Prize Lecture:

Advancing technology is the permissive source of economic growth, but it is only a potential, a necessary condition, in itself not sufficient. If technology is to be employed efficiently and widely, and, indeed, if its own progress is to be stimulated by such use, institutional and ideological adjustments must be made to effect the proper use of innovations generated by the advancing stock of human knowledge.

Here, progress implies diffusion and improvements.