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Economic growth related to mutually interdependent institutions and technology

  • LIPSEY, RICHARD G.

The 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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Article provided by Cambridge University Press in its journal Journal of Institutional Economics.

Volume (Year): 5 (2009)
Issue (Month): 03 (December)
Pages: 259-288

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Handle: RePEc:cup:jinsec:v:5:y:2009:i:03:p:259-288_99
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