explain why it is said that economic growth is a race between depletion and invention ?
Economic growth is a process that necessitates the need for new innovation and technology. In other words, for a company to achieve a higher economic growth, it should continually adopt new technology and machines. This is because with the passing time, the technology becomes obsolete and there arises a need for the adoption of new techniques. Thus, we see that with higher economic growth, the invention and innovations is required. However, in this process of innovation and invention, the natural resources are put at stake. To put in different words, as the natural resources are utilised in order to innovate new technology, this leads to their gradual depletion. This is because new techniques can be identified only at the cost of some resources. Thus, in the whole process of economic growth, the invention of new techniques is promoted by utilising the natural resources. Hence, we can say that economic growth is a race between depletion and innovation.