Are we living in the middle of an Industrial Revolution?
The concept of a new Industrial Revolution has recently become of great interest to general economists of all persuasions. For example, the New Growth Theory has placed renewed emphasis on the importance of technological change in modern economic growth, and a number of authors have suggested that we are entering a new period of technological advances that could profoundly affect the world economy. ; In an article based on comments at the Tenth District Monetary Policy Roundtable, Mr. Mokyr looks at the events of our time in relation to events of the British Industrial Revolution. He cautions that the temptation to look at the past to guide us in making predictions and policy recommendations should be resisted. Historical analogies often mislead as much as they instruct, and in technological progress, where change is unpredictable, cumulative, and irreversible, the analogies are more dangerous than anywhere.
Volume (Year): (1997)
Issue (Month): Q II ()
|Contact details of provider:|| Postal: One Memorial Drive, Kansas City, MO 64198|
Phone: (816) 881-2254
Web page: http://www.kansascityfed.org
More information through EDIRC
|Order Information:|| Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Feinstein, Charles, 1988. "The Rise and Fall of the Williamson Curve," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 699-729, September.
- Bennett T. McCallum, 1993.
"Unit roots in macroeconomic time series: some critical issues,"
Federal Reserve Bank of Richmond, issue Spr, pages 13-44.
- Bennett T. McCallum, 1993. "Unit Roots in Macroeconomic Time Series: Some Critical Issues," NBER Working Papers 4368, National Bureau of Economic Research, Inc.
- Crafts, N. F. R., 1995. "Exogenous or Endogenous Growth? The Industrial Revolution Reconsidered," The Journal of Economic History, Cambridge University Press, vol. 55(04), pages 745-772, December. Full references (including those not matched with items on IDEAS)