Technology, Institutions, and Economic Growth
By (author) Richard R. Nelson
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Technology, Institutions, and Economic Growth by Richard R. Nelson
Book DescriptionThis volume mounts a full-blown attack on the standard neo-classical theory of economic growth, which Richard Nelson sees as hopelessly inadequate to explain the phenomenon of economic growth. He presents an alternative theory which highlights that economic growth driven by technological advance involves disequilibrium in a fundamental and continuing way. Nelson also argues that a theory of economic growth driven by technological advance must recognize a range of institutions, such as universities, public laboratories, and government agencies, in addition to business firms and markets. He further argues that growth theories that focus on an aggregate measure of growth, such as GNP per capita, are blind to what is going on beneath the aggregate, where differing rates of advance in different sectors, and the birth and death of industries are an essential part of the growth process. The broad theory of economic growth Nelson presents sees the process as involving the co-evolution of technologies, institutions, and industry structure.
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Book DetailsISBN: 9780674019164
(235mm x 155mm x 27mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 9-Dec-2005
Country of Publication: United States
Books By Author Richard R. Nelson
Innovation and the Evolution of Industries, Hardback (August 2016)View all books by Richard R. Nelson
A new approach to the analysis of technological process, emphasising the tailoring of formal modelling to historical context.
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Author Biography - Richard R. Nelson
Richard Nelson is the Blumenthal Professor of International and Public Affairs, Business, and Law, Emeritus, at Columbia University.
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