The Lever of Riches: Technological Creativity and Economic Progress
Beginning with a fascinating, concise history of t ...more
The author identifies early on four vectors of economic growth: investment (increased availability of funds), commercial expansion ( ...more
In a world of supercomputers, genetic engineering, and fiber optics, technological creativity is ever more the key to economic success. But why are some nations more creative than others, and why do some highly innovative societies--such as ancient China, or Britain in the industrial revolution--pass into stagnation?
Beginning with a fascinating, concise history of technological progress, Mokyr sets the background for his analysis by tracing the major inventions and innovations that have t
- History of technological inventions (very compressed),
- Analysis of inventions' economical impacts,
- What is the possible mechanism behind it?
In world history, there is one big question, namely: how did the West rise as technological powerhouse? Why did Renaissance happen in Italy, and Industrial Revolution take place in Eng ...more
In my judgment Prof. Mokyr appears to have underestimated the important and fundamental significance of the steam engine, the iconic invention of the Industrial Revolution. He noted its original use in pumping water out of coal mines, and that “it was the first economically useful transformation of thermal energy (heat) into kinetic energy (work).” (p. 85 of the pape ...more