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

## Abstract This book is about fundamental economic theory, but it maintains that economics is meaningless outside the framework of history. It therefore analyses the evolution of some leading economies since the Industrial Revolution. It opens with a critical discussion of some earlier attempts to expound a theory of history, notably, the so‐called ‘new economic history’ or ‘cliometrics’ and then the ideas of two outstanding social scientists—Kondratiev and Schumpeter. They were both concerned with major qualitative as well as quantitative changes in evolving economic systems, with the explanation of such revolutionary transformations and with their periodization. Our book too is concerned with exploring these problems, but it offers deep criticism both of Kondratiev's ‘long wave’ theory and of Schumpeter's attempt to reconcile this theory with the equilibrium models of Walras. Like Keynes, we emphasize some of the limitations of purely econometric models and insist on the great importance of ‘semi‐autonomous’ institutions and subsystems of society, which influence the economy and are influenced by it in a process of mutual interaction and adjustment. Although in recent times the technology subsystem has been extremely dynamic and influential in the evolution of the economy, it is essential to consider also the political, cultural, and science subsystems, all of which have a vital role in achieving that degree of congruence in the social system necessary for successful economic growth. This approach is illustrated in those chapters of the book that are devoted to a historical account of five successive technological revolutions, i.e. water‐powered mechanization, steam‐powered mechanization, electrification, motorization, and computerization. Statistical evidence of the great significance of these technological revolutions for structural change in the economy is found in the changing composition of the leading cohort of the hundred largest firms. Evidence of the social conflicts and tensions engendered by each structural crisis of adjustment is found in the statistics of days lost in strikes, as well as in political conflicts over the regulatory regime and in international markets. 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 Of 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 Revolutions: 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.--jacket. The Fundamental Things Apply -- Restless Clio : A Story Of The Economic Historians' Assessment Of History In Economics -- Schumpeter's Plea For Reasoned History -- Nikolai Kondratiev : A New Approach To History And Statistics -- The Strange Attraction Of Tides And Waves -- A Theory Of Reasoned History -- Technical Change And Long Waves In Economic Development -- The British Industrial Revolution : The Age Of Cotton, Iron And Water Power -- The Second Kondratiev Wave : The Age Of Iron Railways, Steam Power And Mechanization -- The Third Kondratiev Wave : The Age Of Steel, Heavy Engineering And Electrification -- The Fourth Kondratiev Wave : The Great Depression And The Age Of Oil, Automobiles, Motorization And Mass Production -- The Emergence Of A New Techno-economic Paradigm : The Age Of Information And Communication Technology (ict) -- Recurrent Phenomena Of The Long Waves Of Capitalist Development. Chris Freeman And Francisco Louçã. Includes Bibliographical References (p. [373]-395) And Index. 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'?an we best understand the impact of revolutionary technologies on business organization and the business cycle? These are some of the questions addressed in this authoritative analysis of modern 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 Louçã is an outstanding historian of economic theory and an analyst of econometric models and methods. Together they chart the history of five technological revolutions: 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 an well-informed, highly topical, and persuasive study of interest across all the social sciences.

the Internet And Mobile Telephones Have Made Everyone More Aware Than Ever Of The Computer Revolution And Its Effects On The Economy And Society. 'as Time Goes By' Puts This Revolution In The Perspective Of Previous Waves Of Technical Change: Steam-powered Mechanization, Electrification, And Motorization. It Argues For A Theory Of Reasoned Economic History Which Assigns A Central Place To These Successive Technological Revolutions.

Putting the IT revolution in the perspective of previous waves of technical change, e.g. electrification, the authors argue for a theory of reasoned economic history which assigns a central place to these successive technological revolutions Time is as mysterious as life: some thousands of years of efforts by science and philosophy have not been sufficient to unveil its secrets and enable us to understand its nature and motion.