As Time Goes By: From the Industrial Revolutions to the Information Revolution

Paperback | May 1, 2002

byChris Freeman, Francisco Louca

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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 economic growth from the Industrial Revolution to the 'new economy' of today. Chris Freeman has been one of the foremost researchers on innovation for a long time and his colleague Francisco Louca is an outstanding historianof economic theory and an analyst of econometric models and methods. Together they chart the history of five technological revolutions: water-powered mechanization, steam-powered mechanization, electrification, motorization, and computerization. They demonstrate the necessity to take account ofpolitics, 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.

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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 authorit...

Chris Freeman is Emeritus Professor at the University of Sussex and was the founder and former Director of SPRU (1966-81). SPRU has become one of the leading world centres for research on technical change. After war-time service in the Manchester Regiment and experience in market research, Chris Freeman became a Research Fellow at the...

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Format:PaperbackDimensions:432 pages, 9.21 × 6.14 × 0.9 inPublished:May 1, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199251053

ISBN - 13:9780199251056

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Table of Contents

Part I: History and EconomicsIntroduction: The Fundamental Things Apply1. Restless Clio: A Story of the Economic Historians' Assessment of History in Economics2. Schumpeter's Plea for Reasoned History3. Nikolai Kondratiev: A New Approach to History and Statistics4. The Strange Attraction of Tides and WavesConclusions to Part I: A Theory of Reasoned HistoryPart II: Successive Industrial RevolutionsIntroduction: Technical Change and Long Waves in Economic Development5. The British Industrial Revolution: The Age of Cotton, Iron, and Water Power6. The Second Kondratiev Wave: The Age of Iron Railways, Steam Power, and Mechanization7. The Third Kondratiev Wave: The Age of Steel, Heavy Engineering, and Electrification8. The Fourth Kondratiev Wave: The Great Depression and the Age of Oil, Automobiles, Motorization, and Mass Production9. The Emergence of a New Techno-economic Paradigm: The Age of Information and Communication Technology (ICT)Conclusions to Part II: Recurrent Phenomena of the Long Waves of Capitalist Development

Editorial Reviews

`This book is a thought-provoking work that is valuable for more than its detailed account of the technological revolutions that shape our economy today. By directing our attention to a perspective outside the current wave, it shapes our thinking about events inside the current wave.'Academy of Management Review, 27(2)