Industrial Revolution, Growth, and Technological Change
In this chapter, (1) growth is examined in the context of long-term stability and instability that has been observed over 250 years, (2) surges and plunges of innovative activity are identified as are the coincident follow-on of major global financial crises, and (3) four industrial revolutions are defined and important characteristics of each are observed in the volatility of nonresidential tangible and intangible capital, labor productivity, and GDP.
The focus of economists in the post-World War II era on growth, capital investment, and productivity received its most significant boost from the work of Solow (1956). While others had pointed to a long-time horizon as a topic of ...
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