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Economic Growth Related to Mutually Interdependent Institutions and Technology

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Abstract

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.

Suggested Citation

  • Richard Lipsey, 2008. "Economic Growth Related to Mutually Interdependent Institutions and Technology," Discussion Papers dp08-03, Department of Economics, Simon Fraser University.
  • Handle: RePEc:sfu:sfudps:dp08-03
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    Cited by:

    1. Boschma, Ron & Capone, Gianluca, 2015. "Institutions and diversification: Related versus unrelated diversification in a varieties of capitalism framework," Research Policy, Elsevier, vol. 44(10), pages 1902-1914.
    2. Foster, John, 2011. "Energy, aesthetics and knowledge in complex economic systems," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 88-100.
    3. Murat Arsel & Bengi Akbulut & Fikret Adaman & Yahya M. Madra, 2015. "Forum 2015," Development and Change, International Institute of Social Studies, vol. 46(4), pages 733-761, July.
    4. Ron Boschma & Gianluca Capone, 2014. "Relatedness and Diversification in the EU-27 and ENP countries," Papers in Evolutionary Economic Geography (PEEG) 1407, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Feb 2014.
    5. Cocchi, Andrea, 2011. "Business models as systemic instruments for the evolution of traditional districts?," MPRA Paper 33766, University Library of Munich, Germany.
    6. Bengi Akbulut & Fikret Adaman & Yahya M. Madra, 2015. "The Decimation and Displacement of Development Economics," Working Papers 2015/01, Bogazici University, Department of Economics.

    More about this item

    Keywords

    Sustained growth; institutions; technological change; technological trajectories; the Industrial Revolutions; early modern science; medieval universities.;

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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