scholarly journals Economic growth related to mutually interdependent institutions and technology

2009 ◽  
Vol 5 (3) ◽  
pp. 259-288 ◽  
Author(s):  
RICHARD G. LIPSEY
Keyword(s):  
Economic Growth ◽  
Industrial Revolution ◽  
Technological Advance ◽  
Necessary Condition ◽  
Single Institution ◽  
The West ◽  
Steam Power ◽  
Sustained Growth ◽  
Medieval Universities ◽  
Industrial Revolutions

Abstract:This paper argues that technological advance is a necessary condition for sustained economic growth. Technologies and institutions co-evolve in a system of mutual causation. Although some institutions inhibit growth while others encourage it, no single institution is either necessary or sufficient to produce sustained growth. However, some non-unique bundle of encouraging institutions is necessary. Sustained growth began with the Industrial Revolutions that did not just ‘fall out of the blue’ but were instead the culmination of three trajectories of technological advance in steam power, electric power, and the mechanization of textile manufacturing. These stretched over several centuries. Growth then became sustained when the West ‘invented how to invent’. A necessary condition for the Industrial Revolutions was Western science whose roots lie as far back as the scholastic philosophers and the medieval universities. Its absence elsewhere is a sufficient reason why no other place developed its own indigenous industrial revolution.

scholarly journals MICROBES AND MARKETS: WAS THE BLACK DEATH AN ECONOMIC REVOLUTION?

2016 ◽  
Vol 82 (2) ◽  
pp. 139-165 ◽  
Author(s):  
Gregory Clark
Keyword(s):  
Economic Growth ◽  
Industrial Revolution ◽  
Technological Advance ◽  
16Th Century ◽  
Black Death ◽  
Efficiency Gain ◽  
Long Run ◽  
Trace Back ◽  
Northwest Europe ◽  
Relative Factor

Abstract:Recent papers have suggested that the Industrial Revolution in Europe ultimately derives from the labor scarce economy of northwest Europe, which some trace back to the Black Death [Voigtländer and Voth (2013a) and Allen (2011)]. This paper examines the effects of the Black Death in England. Specifically, did it merely change relative factor prices, or did it lead to lasting gains in the efficiency of the economy after 1348? Extensive wage and price data from England 1210–1800 suggest that the population losses of the Black Death were associated with a surprising increase in economic efficiency, despite the decline in the scale of the economy. But this efficiency gain disappeared when population rose again in the 16th century. There is no sign of a connection between a labor scarce economy, and a switch to faster long run economic growth through technological advance.

Energy and Industrial Growth

2014 ◽  
Author(s):  
Malanima Paolo ◽  
Astrid Kander ◽  
Paul Warde
Keyword(s):  
Economic Growth ◽  
Nineteenth Century ◽  
Capita Income ◽  
Industrial Revolution ◽  
Economic Structure ◽  
Necessary Condition ◽  
Per Capita Income ◽  
Industrial Growth ◽  
Long Run ◽  
Per Capita

This chapter considers the role that energy played in the industrial growth in nineteenth-century Europe. The economies of Europe grew more rapidly during the nineteenth century than at any previous period in history. This was not simply a consequence of the doubling of the population; per capita income rose as well. Given these facts it is hardly surprising that energy consumption also increased dramatically. Consumption of coal seems to have been a key part of economic growth, as measured by per capita income, and cheap energy was a necessary condition of the industrial revolution. The chapter first considers how coal development blocks contributed to growth in Europe during the period before discussing a number of long-run propositions, such as the strong complementarity between energy and capital. It concludes with an assessment of the link between energy intensity and economic structure.

Prior to the Industrial Revolution

2018 ◽  
Author(s):  
Alexander Gillespie
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Middle Ages ◽  
Industrial Revolution ◽  
Social Sustainability ◽  
Ancient Greece ◽  
Social Contexts ◽  
The West ◽  
Environmental Practices ◽  
The Sustainable Development

This chapter is about the sustainable development of humanity from the beginnings of recorded history until the year 1800. The quest for sustainable development during all of these centuries was always a struggle between unsustainable environmental practices, unsustainable economic contexts, and heavy prices to be paid for most of the world’s people in terms of longevity, poverty, and famine. Despite some improvements in the great civilizations of antiquity in their economic and social contexts in the cases of ancient Greece, Italy, and China, the progress they achieved was washed away in the Middle Ages for the West, and a few centuries later, for China. Economic growth (but not social or environmental improvements) began to change in the west, but only very slowly, from the Renaissance forwards. Although environmental and social sustainability were not being solved at this point, one part of the equation, showed glimmerings of progress.

THE FOURTH INDUSTRIAL REVOLUTION (INDUSTRY 4.0) A SOCIAL INNOVATION PERSPECTIVE

2018 ◽  
Author(s):  
Klaus Schwab
Keyword(s):  
Industry 4.0 ◽  
Industrial Revolution ◽  
Social Innovation ◽  
Holistic Approach ◽  
Socioeconomic Impact ◽  
Fourth Industrial Revolution ◽  
Technological Developments ◽  
Rapid Pace ◽  
Sustainable System ◽  
Industrial Revolutions

The rapid pace of technological developments played a key role in the previous industrial revolutions. However, the fourth industrial revolution (Industry 4.0) and its embedded technology diffusion progress is expected to grow exponentially in terms of technical change and socioeconomic impact. Therefore, coping with such transformation require a holistic approach that encompasses innovative and sustainable system solutions and not just technological ones. In this article, we propose a framework that can facilitate the interaction between technological and social innovation to continuously come up with proactive, and hence timely, sustainable strategies. These strategies can leverage economic rewards, enrich society at large, and protect the environment. The new forthcoming opportunities that will be generated through the next industrial wave are gigantic at all levels. However, the readiness for such revolutionary conversion require coupling the forces of technological innovation and social innovation under the sustainability umbrella.

Internet of Things as Engine of Economic Growth in Indonesia

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Bambang Widagdo ◽  
Mochamad Rofik
Keyword(s):  
Economic Growth ◽  
Internet Of Things ◽  
Industrial Revolution ◽  
The Internet ◽  
Economic Diversification ◽  
Great Opportunity ◽  
Economic Basis ◽  
Network Quality ◽  
The Internet Of Things

The economic diversification concept gives hope for a country with rich natural resources to strengthen its economic basis. Thus industrial revolution era of 4.0 provides great opportunity to fasten the process. A study by McKensey in 2011 proved that the internet in the developing country contributes around 3.4% towards its GDP which means that the internet has become a new hope for the economy in the future. Indonesia is one of the countries that is attempting to maximize the role of the Internet of Things (IoT) for its economic growth.� The attempt has made the retail and tourism industries as the two main sectors to experience the significant effect of IoT. In the process of optimizing the IoT to support the economic growth, Indonesia faces several issues especially in the term of the internet network quality and its distribution, the inclusive access of financial access and the infrastructure

Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Financial Sector ◽  
Developed Countries ◽  
Sustainable Growth ◽  
Necessary Condition ◽  
Real Sector ◽  
Financial Instruments ◽  
The Real ◽  
The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

Governance and Corruption

2002 ◽  
Vol 19 (2) ◽  
pp. 1-33 ◽  
Author(s):  
Zafar Iqbal
Keyword(s):  
Economic Growth ◽  
Remedial Action ◽  
The West ◽  
Scientific Thought ◽  
Moral Virtues ◽  
Order Preference ◽  
Rational Understanding ◽  
Social Scientific ◽  
Character Building ◽  
The Individual

This paper compares the Islamic and the western social scien­tific perspectives on corruption. Jt is argued that the emerging shift in social scientific thought in viewing corruption from "grease that oils the economic wheel" to a "menace that under­mines economic growth" has brought rational understanding of the phenomenon much closer to [slamic doctrine. Where they differ is with respect to remedial action. The western approach focuses on governance and designing appropriate systems and institutions that gear information and incentives toward minimiz­ing opportunities and enticement for corruption. In short, it emphasizes constraints external to the individual. By comparison, Islam seeks to go beyond such constraints, and also instill in believers a clear "second-order" preference for non­corrupt behavior. lt recommends developing a firm belief in transcendent accountability, stresses character building through practicing moral virtues and shunning vices. In essence, much of the restraint comes from within through a moral renovation. rt is our contention that both emphases are important in eliminating corruption and that the followers oflslam and the West can learn from one another.

Emerging Industrial Revolution: Symbiosis of Industry 4.0 and Circular Economy: The Role of Universities

2020 ◽  
Vol 25 (3) ◽  
pp. 505-525 ◽  
Author(s):  
Seeram Ramakrishna ◽  
Alfred Ngowi ◽  
Henk De Jager ◽  
Bankole O. Awuzie
Keyword(s):  
Economic Growth ◽  
Circular Economy ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Fourth Industrial Revolution ◽  
New Jobs

Growing consumerism and population worldwide raises concerns about society’s sustainability aspirations. This has led to calls for concerted efforts to shift from the linear economy to a circular economy (CE), which are gaining momentum globally. CE approaches lead to a zero-waste scenario of economic growth and sustainable development. These approaches are based on semi-scientific and empirical concepts with technologies enabling 3Rs (reduce, reuse, recycle) and 6Rs (reuse, recycle, redesign, remanufacture, reduce, recover). Studies estimate that the transition to a CE would save the world in excess of a trillion dollars annually while creating new jobs, business opportunities and economic growth. The emerging industrial revolution will enhance the symbiotic pursuit of new technologies and CE to transform extant production systems and business models for sustainability. This article examines the trends, availability and readiness of fourth industrial revolution (4IR or industry 4.0) technologies (for example, Internet of Things [IoT], artificial intelligence [AI] and nanotechnology) to support and promote CE transitions within the higher education institutional context. Furthermore, it elucidates the role of universities as living laboratories for experimenting the utility of industry 4.0 technologies in driving the shift towards CE futures. The article concludes that universities should play a pivotal role in engendering CE transitions.

Energy, Economic Growth, and Regionalism in the West.

1982 ◽  
Vol 97 (2) ◽  
pp. 333
Author(s):  
Robert D. Thomas ◽  
Lynton R. Hayes
Keyword(s):  
Economic Growth ◽  
The West
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