The role of research and development in economic growth
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The role of research and development in economic growth
Description/Paper Instructions
Research and development (R&D) play a crucial role in driving economic growth by generating new knowledge, technologies, and products that can create new markets and industries, improve productivity, and raise living standards. The R&D process leads to innovation, which is the cornerstone of economic growth. The R&D process begins with the identification of a problem or a market gap and continues with the design, testing, and commercialization of a solution.
Investment in R&D contributes directly to the development of new products, processes, and services. It also contributes to the creation of new jobs and industries, and helps to increase the competitiveness of existing firms and industries. By investing in R&D, companies can improve their products, reduce costs, and enter new markets. This can lead to increased sales, higher profits, and higher economic growth.
Governments also play a crucial role in fostering R&D by providing funding, tax incentives, and other support mechanisms. Government-sponsored R&D can help address societal challenges, such as climate change, disease, and poverty, and can also lead to new innovations that can be commercialized. Governments can also play a role in creating favorable conditions for R&D by promoting education, training, and entrepreneurship, and by investing in infrastructure, such as universities, research institutes, and technology parks.
One of the key benefits of R&D is the creation of new industries and markets. For example, the development of the Internet and related technologies has created new markets for online retail, advertising, and cloud computing, among others. Similarly, the development of new medicines and medical technologies has created new markets for health care services and products. The creation of new industries and markets can have a positive impact on economic growth, as it drives demand for new products and services and creates new jobs.
R&D also contributes to increased productivity by improving existing products and processes and by developing new ones. This can lead to reduced costs and increased competitiveness, which can result in higher profits, increased sales, and higher economic growth. For example, the development of new and more efficient manufacturing processes can reduce costs, increase productivity, and improve product quality. Similarly, the development of new technologies, such as software and artificial intelligence, can help firms automate repetitive tasks, reduce costs, and increase productivity.
Finally, R&D has a positive impact on living standards by improving the quality of life for people. The development of new medicines and medical technologies, for example, has helped to extend life expectancy and improve health. The development of new energy technologies has helped to reduce the cost and environmental impact of energy production and use. Similarly, the development of new transportation technologies has helped to reduce travel time, costs, and the environmental impact of transportation.
In conclusion, the role of R&D in economic growth is significant. By generating new knowledge, technologies, and products, R&D contributes to the creation of new industries and markets, increased productivity, and improved living standards. Governments can play a key role in fostering R&D by providing funding, tax incentives, and other support mechanisms, while companies can benefit from investing in R&D by improving their products, reducing costs, and entering new markets. Ultimately, R&D is an important driver of economic growth and should be supported and encouraged by governments, companies, and individuals alike.
The role of research and development in economic growth
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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