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The Unbearable Lightness of A Useful Knowledge and Economic Growth

The Unbearable Lightness of A Useful Knowledge and Economic Growth


Titill: The Unbearable Lightness of A Useful Knowledge and Economic Growth
Höfundur: Eggertsson, Þráinn
Útgáfa: 2008
Tungumál: Enska
Umfang: 19-34
Háskóli/Stofnun: Háskóli Íslands
University of Iceland
Svið: Félagsvísindasvið (HÍ)
School of Social Sciences (UI)
Deild: Hagfræðideild (HÍ)
Faculty of Economics (UI)
Birtist í: Tímarit um viðskipti og efnahagsmál;6(2)
ISSN: 1670-4444
1670-4851 (e-ISSN)
DOI: 10.24122/tve.a.2008.6.2.4
Efnisorð: Hagvöxtur; Tækninýjungar; Upplýsingarstefnan; Hagfræði
URI: https://hdl.handle.net/20.500.11815/207

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Tilvitnun:

Þráinn Eggertsson. (2008). The Unbearable Lightness of A Useful Knowledge and Economic Growth. Tímarit um viðskipti og efnahagsmál, 6(2), 19-34. Doi:10.24122/tve.a.2008.6.2.4

Útdráttur:

Economists usually sing with the same nose when they answer questions about the role of technology in economic growth. They generally agree that sustained long-term growth in productivity, which began in Western Europe some two centuries ago, could not have been maintained in an environment of stagnant production technologies. Whether we consult Karl Heinrich Marx, Joseph Alois Schumpeter or Robert Merton Solow, the answer is the same: new technologies are the source of long-term economic growth. Economists, as we know, usually argue that the production and utilization of new technologies depend critically on appropriate social institutions, such as competition, decentralized markets, secure property rights, enforceable contracts, and norms of trust and reciprocity. Yet virtually no one argues that long-term growth in output per worker is possible in an economy with stationary production techniques.

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