The contribution of new technology to economic growth: lessons from economic history
Crafts, Nicholas. (2010) The contribution of new technology to economic growth: lessons from economic history. Revista de Historia Economica, Vol.28 (No.3). pp. 409-440. ISSN 0212-6109Full text not available from this repository.
Official URL: http://dx.doi.org/10.1017/S0212610910000157
This paper reviews the analysis of technological change by cliometricians. It focuses on lessons about total factor productivity (TFP) from growth accounting and on aspects of social capability that are conducive to the effective assimilation of new technology. Key messages are that when TFP growth is very rapid this typically involves reductions in inefficiency not just technological advance and that even really important new technologies have small initial effects on aggregate productivity. Incentive structures matter greatly for the adoption of new technology, but social capability is not independent of the technological epoch as the information and communications technology (ICT) era has emphasized to Europeans.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HC Economic History and Conditions
D History General and Old World
|Divisions:||Faculty of Social Sciences > Economics|
|Journal or Publication Title:||Revista de Historia Economica|
|Publisher:||Cambridge University Press|
|Number of Pages:||32|
|Page Range:||pp. 409-440|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Restricted or Subscription Access|
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