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 InfoPaper provided by Department of Economics, Simon Fraser University in its series Discussion Papers with number dp08-03.
Date of creation: Jul 2008
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Postal: Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, BC, V5A 1S6, Canada
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Postal: Working Paper Coordinator, Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, BC, V5A 1S6, Canada
Other versions of this item:
- Lipsey, Richard G., 2009. "Economic growth related to mutually interdependent institutions and technology," Journal of Institutional Economics, Cambridge University Press, vol. 5(03), pages 259-288, December.
- 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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