Machines and Economic Growth The Implications for Growth Theory of the History of the Industrial Revolution |
|
| Author:
| McPherson, Natalie |
| Series title: | Contributions in Economics and Economic History Ser. |
| ISBN: | 978-0-313-29255-2 |
| Publication Date: | Oct 1994 |
| Publisher: | Bloomsbury Publishing USA
|
| Imprint: | Praeger |
| Book Format: | Hardback |
| List Price: | USD $95.00 |
Book Description:
|
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,...
More DescriptionThe 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.