In brief...Cotton and Cars: the Huge Gains from Process Innovation
AbstractNew inventions are good for economic growth, but equally important are improvements in the way we make things - what's known as process innovation. Tim Leunig and Joachim Voth measure the impact of two such innovations - mechanical cotton spinning and the motorcar assembly line - on the world's material wellbeing.
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Bibliographic InfoPaper provided by Centre for Economic Performance, LSE in its series CentrePiece - The Magazine for Economic Performance with number 347.
Date of creation: Oct 2011
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Web page: http://cep.lse.ac.uk/centrepiece/
Process innovations; new goods; welfare; consumer surplus; mechanisation; mass production; automobiles; cotton; industrial revolution; second industrial revolution;
Find related papers by JEL classification:
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-07 (All new papers)
- NEP-HIS-2011-11-07 (Business, Economic & Financial History)
- NEP-INO-2011-11-07 (Innovation)
You can help add them by filling out this form.
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