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Time for Growth

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  • Severgnini, Battista

    (Department of Economics, Copenhagen Business School)

  • Boerner, Lars

Abstract

This paper studies the impact of the early adoption of one of the most important high-technology machines in history, the public mechanical clock, on long-run growth in Europe. We avoid endogeneity by considering the relationship between the adoption of clocks with an instrument based on the appearance of repeated solar eclipses. This is motivated by the predecessor technologies of mechanical clocks, astronomic instruments that measured the course of heavenly bodies. We find a significant increase in growth rates between 1500 and 1700 in the range of 30 percentage points in early adopter cities and areas. Finally, additional quantitative analysis suggests a positive relationship between mechanical clocks and contemporary long-term orientation nowadays.

Suggested Citation

  • Severgnini, Battista & Boerner, Lars, 2019. "Time for Growth," Working Papers 4-2019, Copenhagen Business School, Department of Economics.
    • Handle: RePEc:hhs:cbsnow:2019_004
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    Cited by:

    1. Boerner, Lars & Rubin, Jared & Severgnini, Battista, 2021. "A time to print, a time to reform," European Economic Review, Elsevier, vol. 138(C).
    2. Anastasia Litina & Èric Roca Fernández, 2020. "Celestial enlightenment: eclipses, curiosity and economic development among pre-modern ethnic groups [Working Papers / Documents de travail]," Working Papers halshs-03044843, HAL.

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    More about this item

    Keywords

    technological adoption; cities; mechanical clocks; information technology; long-term orientation;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N93 - Economic History - - Regional and Urban History - - - Europe: Pre-1913
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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