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The investment climate is crucial, as are the right incentive structures, to guide the allocation of resources, and to encourage research and development.Successful countries have grown their ability to innovate and learn by doing, by investing public funding to help finance research and development in critical areas.
Cures for other diseases which are endemic in developing countries are also now possible, allowing people with debilitating conditions to live healthy and productive lives. Service and technology are the differentiators between countries that are able to tackle poverty effectively by growing and developing their economies, and those that are not.
The extent to which developing economies emerge as economic powerhouses depends on their ability to grasp and apply insights from science and technology and use them creatively.
Innovation is the primary driver of technological growth and drives higher living standards.
As an engine of growth, the potential of technology is endless, and still largely untapped in Africa and other developing world regions across the globe.
Knowledge is the systemically integrated information that allows a citizen, a worker, a manager, or a finance minister to act purposefully and intelligently in a complex and demanding world.
The only form of investment that allows for increasing returns is in building the stocks and flows of knowledge that a country or organization needs, an in encouraging new insights and techniques.Managing technological revolutions poses challenges. Certain innovations and discoveries will raise fraught bio-ethical issues, as genetic modification of food crops and cloning of human embryos has already done.There is a risk that their cost, particularly in the early stages of development, will worsen the present inequality by limiting access to wealthy individuals.To promote technological advances, developing countries should invest in quality education for youth, continuous skills training for workers and managers, and should ensure that knowledge is shared as widely as possible across society.In a world in which the Internet makes information ubiquitous, what counts is the ability to use knowledge intelligently.This already happens in health care in certain G7 countries, where the demand for very high-cost diagnostic equipment and surgical interventions enabling longevity and better quality of life for older wealthy people overstretches public health care budgets, and lowers service quality in poor neighborhoods.Finally, resource-intensive technologies, focused on satisfying high consumption demand, like holidays abroad in costal resorts, wilderness areas, or iconic cities, increase carbon emissions and environmental damage.The combination of computers and the Internet, and mobile devices and the “cloud”, has transformed human experience, empowering individuals through access to knowledge and markets, changing the relationship between citizens and those in authority, as well as allowing new communities to emerge in virtual worlds that span the globe.According to the United Nations International Telecommunications Union (UN-ITU), by the end of 2010 there were an estimated 5.3 billion mobile cellular subscriptions worldwide, including 940 million subscriptions to 3g services.Less developed countries not only lack skilled labour and capital, but also use these less efficiently.Inputs account for less than half of the differences in per capita income across nations.