Final answer:
Governments promote technological progress to strengthen and increase the efficiency of the economy, encourage human capital growth, and enhance the overall technological capacity. Although new technologies can disrupt existing jobs, they create new opportunities and government-provided retraining can help mitigate the impact. Additionally, government policies have historically supported innovation and economic resilience.
Step-by-step explanation:
The government promotes progress in technology primarily to make the economy stronger and more efficient. Technological advancements can increase the output and quality of goods while reducing costs, which benefits the economy as a whole by improving productivity and competitive advantage. Moreover, technological progress can help in human capital deepening, physical capital deepening, and contributes to technological gains.While some might worry about technological advancements leading to unemployment due to efficiency innovations such as a company needing fewer workers, the overall impact on the economy is positive.
This is because governments can introduce measures like retraining programs and support for research and development that benefit the broader economy. Furthermore, a dynamic technological landscape stimulates the creation of new industries and job opportunities.Historically, governments have shown that they understand the importance of technology by supporting innovative companies, sending students abroad to learn about efficient industrial operations, and fostering an environment where technology leads to economic growth. All these efforts tie into the goal of making the economy less dependent on government intervention and more resilient during economic downturns.