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Improvements in technology are undoubtedly the centrepiece of any sane economic history theory of the last 5-10 generations, and longer. Interestingly enough...
by dalbasal 9y ago
Improvements in technology are undoubtedly the centrepiece of any sane economic history theory of the last 5-10 generations, and longer. Interestingly enough... Liassez-Faire theories, marxist theories, or macroeconomic theories and other "Big Idea" economics don't tend to have a theory of innovation anywhere near the core of their concepts.
- gohbgl 9y agoUndoubtedly, Laissez-Faire and socialist economies have different technology improvement rates.
- hollerith 9y agoMaybe it's not that simple. The technological improvement that did the most to improve standards of living is learning how to use fossil fuels 300 years ago for transportation and to do other kinds of mechanical work, like pumping water out of mines. That improvement came out of what was then already the wealthiest country (on a per-capital basis). Moreover it was the country whose legal system offered the best protection for private property. That would be quite the coincidence if tech innovations have nothing to do with economic policies.