The Sources of Economic Growth

by Richard R. Nelson

Technological advance is the key driving force behind economic growth, argues Richard Nelson. Investments in physical and human capital contribute to growth largely as handmaidens to technological advance. Technological advance needs to be understood as an evolutionary process, depending much more on ex post selection and learning than on ex ante calculation. That is why it proceeds much more rapidly under conditions of competition than under monopoly or oligopoly.

Genres: Economics

336 pages, Hardcover

First published January 1, 1996

About the author

Richard R. Nelson was an American professor of economics at Columbia University. He was one of the leading figures in the revival of evolutionary economics thanks to his seminal book An Evolutionary Theory of Economic Change (1982) written jointly with Sidney G. Winter. He was also known for his work on industry, economic growth, the theory of the firm, and technical change. The book he edited, National innovation systems: A comparative analysis (1996) is one of the most influential in innovation studies.

Reviews

[John Crlencic]

Very tedious read but filled with great information.