Machines and Economic Growth: The Implications for Growth Theory of the History of the Industrial Revolution

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Greewood Press, Jan 1, 1994 - Business & Economics - 264 pages
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The historical record concerning industrialization since 1770 is consistent with the classical view of economic growth, but not with the currently accepted neo-classical growth theory. Flaws in the logic and empirical short-comings of the neo-classical theory suggest that it should be rejected. Specifically, ideas that originate in static concepts cannot be applied to growth, a dynamic process. Nineteenth-century industrialization, the world wars and the Depression, the post-war boom, and the more recent slowdown in growth are discussed.

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War and Depression 19141945
1973 to the Present

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About the author (1994)

NATALIE McPHERSON is Assistant Professor of Economics at Eastern Illinois University, Charleston, Illinois

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