As Time Goes by: From the Industrial Revolutions to the Information Revolution (Paperback) - Common

by Christopher Freeman

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 historian of economic theory and an analyst of econometric models and methods. Together they chart the history of five technological 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.

Genres: History, Economics, Society

424 pages, Unknown Binding

First published February 15, 2001

Reviews

[Michael Burnam-Fink · Rating 4 out of 5]

Freeman and Lourca present an overview of technological progress, a process they describe through Kondratiev Waves, repeating cycles of economic development based on some fundamental technology and its offshoots. From water power and iron in Britain, to the modern computer revolution, these fundamental technologies have drastically reshaped economies. "As Time Goes By" explores five Kondratiev Waves, as well as the history of cliometric. While a little dated, this is still an essential book for anyone interested in the history of innovation.

[Anssi Grekula · Rating 2 out of 5]

I think I read half of it, just skimming through the rest. I didn't understand a lot but the five-factor model seems reasonable. Science, Technology, Economy, Politics, and Overall Culture—all interlinked—remain, as time goes by.