Without fire we would have no energy and without the wheel there would be no mobility. It was the American Nobel prize-winning economist, Robert Solow who first showed how inventions, or technological progress as we would probably say today, and economic growth are connected, to which end he used his own model.
The acclaimed Solow Growth Model may be over 50 years old but it has lost none of its effectiveness in giving crucial insights into how growth, investment and technological progress interact. 2.