Innovation in Economics: Missing Pieces
Technology Matters, 2018 - 100 pages
Detailed and fully referenced Research Monograph uses otherwise unknown Commercial Knowledge to answer 25 leading US Department of Commerce questions on 'Innovation Measurement for the 21st Century Economy' - to reach explosive conclusions for Economics. The graphic on the front cover - when exploded - reveals how to connect six variables to produce economic growth. Three are commonplace in Economics. One is known but neglected. Another is treated as constant when it isn't. And the sixth is otherwise unattached to economic consequence; until now. By arranging them in a parallelogram, each side of which signifies simple algebra, the innovative root of economic growth shines through beyond reasonable doubt. It isn't from capital and it isn't from labor, and it isn't from any combination thereof. Economics has known that for a long time. It's called its 'measure of ignorance'. And Economics still has no alternative. Now that alternative is available. It's in this book. It's not just an essay. It's not just mathematics. It's both. A step-by-step guide is provided to lead the reader through these otherwise missing pieces until the truth emerges.
What people are saying - Write a review
Chris Farrell has produced a book that uses the most original and unusual constructs. These constructs are based on data widely available in everyday life but heretofore not collected academically in a coherent way. His approach involves tools applicable to increasing levels of aggregation. Six levels are frequently used: (1) Device. (2) Establishment. (3) Firm. (4) Industry. (5) Sector. (6) National economy. Chris uses S-curves to track technological change at the device level then proceeds with aggregation through the various phases until the connections to GDP are deciphered. The text is unusual in that the author does not limit himself to traditional economic nomenclature. Consequently it provides insight where none existed before. And this goes a long way to advance our knowledge of the interplay among economics and technology.
Review by Prof. Rias van Wyk, Extraordinary Professor, Stellenbosch University, and Director of Technoscan Centre, Minnesota