Machines and Economic Growth: The Implications for Growth Theory of the History of the Industrial Revolution - Hardcover

by Natalie McPherson (Author)

The historical record concerning industrialization since 1770 is consistent with the classical view of economic growth, but not with the currently accepted neo-classical growth theory. Flaws in the logic and empirical short-comings of the neo-classical theory suggest that it should be rejected. Specifically, ideas that originate in static concepts cannot be applied to growth, a dynamic process. Nineteenth-century industrialization, the world wars and the Depression, the post-war boom, and the more recent slowdown in growth are discussed.

Author Biography

NATALIE McPHERSON is Assistant Professor of Economics at Eastern Illinois University, Charleston, Illinois