Machines and Economic Growth: The Implications for Growth Theory of the History of the Industrial RevolutionThe 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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agricultural American amount Angus Maddison areas Argentina Asia Australia average began beginning boom Brazil Britain British business cycles Cambridge Canada capita income caused Cooperation and Development cost cotton textile decline Development Centre Díaz-Alejandro early twentieth century earn Economic Cooperation Economic Development economic growth Economic History economists efficient entrepreneurs Europe European exchange rate expanding exports fact fully industrialized countries Germany gold standard gross domestic product growth accountants growth rates important income distribution increase India Industrial Revolution inflation innovation inputs interest rates international trade investment Japan Kindleberger labor productivity labor-saving technological change machine machinery major manufacturing marginal productivity theory modern monetary money supply national income nineteenth century oil shock Organisation for Economic output percent period policies population problem profit railroad raw materials recession sector slowdown standard theory tariffs techniques textile industry Third World Twentieth Century Paris U.S. dollars wages wealth World Bank World Economy
References to this book
Global Economic Growth: Theories, Research, Studies, and Annotated ... Lewis-Guodo Liu,Robert Premus No preview available - 2000 |