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Lessons for Today from Past Periods of Rapid Technological Change / Chris Vickers and Nicolas L. Ziebarth.
- Format:
- Book
- Government document
- Author/Creator:
- Vickers, Chris, 1901-1994.
- Series:
- UN Department of Economic and Social Affairs (DESA) Working Papers ; no.158.
- UN Department of Economic and Social Affairs (DESA) Working Papers ; no.158
- Language:
- English
- Subjects (All):
- Economic and Social Development.
- Local Subjects:
- Economic and Social Development.
- Physical Description:
- 1 online resource (38 pages).
- Place of Publication:
- New York : United Nations, 2019.
- System Details:
- text file
- Summary:
- We provide a history of past periods of rapid technological change starting from the Industrial Revolution continuing up to today. We find that it takes decades for technological breakthroughs to make a difference to the aggregate economy. The reason for this delay is that to realize the value of these breakthroughs requires complementary investments. Second, for good or for bad, government has played an important role in facilitating these transitions through both investments in physical infrastructure and legal reforms. We also emphasize that because technological breakthroughs are difficult to predict, the responses of governments are necessarily improvisational.
- Access Restriction:
- Restricted for use by site license.
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