01/2010 Nicholas Crafts

Technological change is central to the study of economic history. Strong and sustained technological progress is the key characteristic of modern economic growth that distinguished the post-Industrial-Revolution world from earlier times and is the fundamental force which has raised living standards over the last 250 years. As Paul Romer said, "Our knowledge of economic history, of what production looked like 100 year ago, and of current events convinces us beyond any doubt that discovery, invention, and innovation are of overwhelming importance in economic growth" (1993, p. 562).

Economic History

Revista de Historia Económica, 2010

http://dx.doi.org/10.1017/S0212610910000157