Economic Transformations
General Purpose Technologies and Long-Term Economic Growth
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Product details:
- Publisher OUP Oxford
- Date of Publication 3 November 2005
- ISBN 9780199290895
- Binding Paperback
- No. of pages656 pages
- Size 241x162x38 mm
- Weight 924 g
- Language English
- Illustrations Numerous line drawings 0
Categories
Short description:
This book examines the long term economic growth that has raised the West's material living standards to levels undreamed of by counterparts in any previous time or place. The authors argue this growth has been driven by periodic technological revolutions that have transformed the West's economic, social and political landscape over time and allowed the West to become, until recently, the world's only dominant technological force. A must read for anyone interested in economic growth.
MoreLong description:
This book examines the long term economic growth that has raised the West's material living standards to levels undreamed of by counterparts in any previous time or place. The authors argue that this growth has been driven by technological revolutions that have periodically transformed the West's economic, social and political landscape over the last 10,000 years and allowed the West to become, until recently, the world's only dominant technological force.
Unique in the diversity of the analytical techniques used, the book begins with a discussion of the causes and consequences of economic growth and technological change. The authors argue that long term economic growth is largely driven by pervasive technologies now known as General Purpose (GPTs). They establish an alternative to the standard growth models that use an aggregate production function and then introduce the concept of GPTs, complete with a study of how these technologies have transformed the West since the Neolithic Agricultural Revolution. Early modern science is given more importance than in most other treatments and the 19th century demographic revolution is studied with a combination of formal models of population dynamics and historical analysis.
The authors argue that once sustained growth was established in the West, formal models can shed much light on its subsequent behaviour. They build non-conventional, dynamic, non-stationary equilibrium models of GPT-driven growth that incorporate a range of phenomena that their historical studies show to be important but which are excluded from other GPT models in the interests of analytical tractability. The book concludes with a study of the policy implications that follow from their unique approach.
Table of Contents:
Foreword: The Canadian Institute for Advanced Research and this Book
Preface: Why Another Book on Growth?
Acknowledgements
GROWTH, TECHNOLOGICAL CHANGE AND GENERAL PURPOSE TECHNOLOGIES
Technology as Revolution
Two Views of Economic Processes
A Structuralist Evolutionary Decomposition
Technology and Technological Change
· A Survey of GPTs in Western History: Part I 10,000 BC to 1450 AD
A Survey Of GPTs in Western History: Part II 1450 to 2010
THE TRANSITION TO SUSTAINED GROWTH
The Emergence of Sustained Extensive Growth in the West
Why Not Elsewhere?
Population Dynamics: Extensive and Intensive Growth Related
The Emergence of Sustained Intensive Growth in the West
MODELLING SUSTAINED GPT-DRIVEN GROWTH
· GPTs and Related Concepts in the Literature
Scale Economies in Economic Growth
: Appreciative Theories of GPTs
Formal Models Of GPT-Driven Sustained Growth: The Base Line Model
· Formal Models of GPT-Driven Sustained Growth: Extensions and Applications
POLICY
Technology Enhancement Policy: Theory and Evidence
Assessing Technology Enhancement Policies
