December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Growth and development
KEY THINKER
Robert Solow (1924–)
BEFORE
1934 Joseph Schumpeter stresses the vital role of technological change in economic growth.
1956 Robert Solow devises the neoclassical growth model in which technological change plays a role but is not explained.
1966 Jacob Schmookler argues that technological development responds to economic incentives.
AFTER
2004 Nicholas Crafts shows that general purpose technologies take time to diffuse through economies.
2005 Richard Lipsey argues that technological revolutions led to the rise of the West.
Economic growth is powered by innovation and invention. Some innovations are incremental, ...
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