The Importance of Technology, R&D and AI in the US Economy

Abstract

As AI technology became a trend and have entered nearly every household and firm, the topic of technology R&D and its influence on economy is tackled in the study, more particularly the United States case which is home to the most known technological firms in the world as Chat GPT, Meta, Microsoft and Google. The study suggests that while technological advance is key for the growth in the US economy, yet its impact is indirect, and while R&D monetary funding is important, yet to a much lesser extent than human capital and researchers in R&D, this statement is supported by World Bank Data, finally the study highlighted that the United States is only one of many entities that participate in technological development, and in the near future Artificial intelligence and technological firms are poised to become "one of the most lucrative investment sectors."