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 0212-6109

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Abstract

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
ISSN:	0212-6109
Date:	December 2010
Volume:	Vol.28
Number:	No.3
Number of Pages:	32
Page Range:	pp. 409-440
Identification Number:	10.1017/S0212610910000157
Status:	Not Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/4824

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