Economic growth related to mutually interdependent institutions and technology
AbstractThe following propositions are argued. Technological advance is a necessary condition for sustained economic growth. It can be sustained by more then one set of institutions. Technology and institutions co-evolve. Although some institutions inhibit growth while others encourage it, no single institution is either necessary or sufficient to produce either sustained or zero growth. Sustained growth began with the two Industrial Revolutions and was solidified by the 'invention of how to invent'. Explaining these events requires studying several trajectories that were established in the medieval period and evolved slowly through the early modern period and were unique to the West.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Journal of Institutional Economics.
Volume (Year): 5 (2009)
Issue (Month): 03 (December)
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Other versions of this item:
- Richard Lipsey, 2008. "Economic Growth Related to Mutually Interdependent Institutions and Technology," Discussion Papers dp08-03, Department of Economics, Simon Fraser University.
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
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- Foster, John, 2011.
"Energy, aesthetics and knowledge in complex economic systems,"
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- John Foster, 2010. "Energy, Aesthetics and Knowledge in Complex Economic Systems," Discussion Papers Series 404, School of Economics, University of Queensland, Australia.
- Ron Boschma & Gianluca Capone, 2014. "Relatedness and Diversification in the EU-27 and ENP countries," Papers in Evolutionary Economic Geography (PEEG) 1407, Utrecht University, Section of Economic Geography, revised Feb 2014.
- Cocchi, Andrea, 2011. "Business models as systemic instruments for the evolution of traditional districts?," MPRA Paper 33766, University Library of Munich, Germany.
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