Machines and Economic Growth: The Implications for Growth Theory of the History of the Industrial Revolution

(Hardback)

Publishing Details

Classifications

Physical Properties

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, and the more recent slowdown in growth are discussed.

Author Bio

NATALIE McPHERSON is Assistant Professor of Economics at Eastern Illinois University, Charleston, Illinois