Innovation and Long-Term Economic Growth

Ray, G.F. (1980). Innovation and Long-Term Economic Growth. IIASA Collaborative Paper. IIASA, Laxenburg, Austria: CP-80-036

Preview

Text CP-80-036.pdf Download (698kB) | Preview

Abstract

This Collaborative Paper is a revised version of a contribution made by George F. Ray to a Task Force Meeting on "Innovation and Industrial Strategy". The author gives a historical overview of the impact of innovations on economic growth, pointing out the development chains arising from breakthroughs in certain areas. His philosophy can be illustrated by his statement: "The single pistol shot at Sarajevo was not the unique reason for the outbreak of the Great War in 1914, nor was Waft's perfection of the primitive steam engine the unique cause of an economic upswing." The economic mechanism of long waves cannot be described in a one-dimensional way indeed. George F. Ray presents also an hypothesis on the content of a future upswing of world economy, including in it energy, food, environment and social institutions. In his opinion the microprocessor is only an important tool for technological changes in various fields. It is like a chameleon, it takes on the character of whatever program has been fed to it.

Actions (login required)

View Item