Oxford University Press
May 16, 2002
How can we best understand the impact of revolutionary technologies on the business cycle, the economy, and society? Why is economics meaningless without history and without an understanding of institutional and technical change? Does the ‘new economy’ mean the ‘end of history’?
These are some of the questions addressed in this authoritative analysis of modern economic growth from the Industrial Revolution to The ‘New Economy ‘ of today. Chris Freeman and his colleague Francisco Louca chart the history of five technological revolutions: water-powered mechanization, steam-powered mechanization, electrification, motorization, and computerization. They demonstrate the necessity to take account of politics, culture, organizational change, and entrepreneurship, as well as science and technology in the analysis of economic growth.
This is a well-informed, highly topical, and persuasive study of interest across all the social sciences.
Chris Freeman is Emeritus Professor at the University of Sussex and was the founder and former Director of SPRU (1966-81).
Francisco Louca is Professor of Economics at ISEG, Lisbon.