By Richard G. Lipsey
This booklet examines the long run financial development that has raised the West's fabric residing criteria to degrees undreamed of through opposite numbers in any earlier time or position. The authors argue that this development has been pushed via technological revolutions that experience periodically reworked the West's monetary, social and political panorama over the past 10,000 years and allowed the West to turn into, till lately, the world's basically dominant technological force.Unique within the variety of the analytical recommendations used, the publication starts off with a dialogue of the reasons and results of monetary development and technological switch. The authors argue that long-term fiscal development is essentially pushed via pervasive applied sciences referred to now as basic objective (GPTs). They identify a substitute for the normal progress versions that use an combination construction functionality after which introduce the idea that of GPTs, whole with a learn of ways those applied sciences have reworked the West because the Neolithic Agricultural Revolution. Early glossy technology is given extra significance than in such a lot different remedies and the nineteenth century demographic revolution is studied with a mix of formal versions of inhabitants dynamics and ancient analysis.The authors argue that after sustained progress used to be demonstrated within the West, formal versions can shed a lot mild on its next habit. They construct non-conventional, dynamic, non-stationary equilibrium types of GPT-driven development that include a variety of phenomena that their ancient stories convey to be very important yet that are excluded from different GPT types within the pursuits of analytical tractability. The ebook concludes with a learn of the coverage implicationsthat stick with from their special approach.
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Additional resources for Economic Transformations: General Purpose Technologies and Long-Term Economic Growth
The contrast is even more striking if the same thought experiment is used to compare today’s knowledge of product and process technologies with those that existed at even earlier times. Similarly, holding technology constant and expanding market size would have some effect, but could not be the source of exponential growth over the centuries. Now hold constant the sizes of the market and of the capital stock (which means positive gross investment but zero net investment), then introduce all the new products, processes, and forms of organization that characterized the twentieth century.
While we accept that much can be learned from such models—and we do develop some formal models of our own in Parts II and III—we believe that existing theoretical models are unable to capture much of the rich knowledge concerning economic growth and technological change that has been accumulated over the past decades by economic historians and students of technology. For example, after decades of work on innovation, very little of the process has been formalized, and the same holds for theories of knowledge accumulation.
As technologies diffuse, they usually require changes to adapt to different situations. So diffusion and innovation are to a great extent intertwined; they are different but closely related activities. In many contexts, the distinction between invention and innovation is important. For example, many societies have been good at one but not the other. Being able to innovate on the platform of other people’s inventions can be socially profitable, while being successful at invention but not at innovation can lead to serious social wastes.
Economic Transformations: General Purpose Technologies and Long-Term Economic Growth by Richard G. Lipsey