The transition to a new economy after the second industrial revolution:
During the Second Industrial Revolution, 1860-1900, many new technologies, including electricity, were invented. These inventions launched a transition to a new economy, a period of about 70 years of ongoing, rapid technical change. After this revolution began, however, several decades passed before...
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, MA
National Bureau of Economic Research
2001
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| Schriftenreihe: | NBER working paper series
8676 |
| Schlagwörter: | |
| Links: | http://papers.nber.org/papers/w8676.pdf |
| Zusammenfassung: | During the Second Industrial Revolution, 1860-1900, many new technologies, including electricity, were invented. These inventions launched a transition to a new economy, a period of about 70 years of ongoing, rapid technical change. After this revolution began, however, several decades passed before measured productivity growth increased. This delay is paradoxical from the point of view of the standard growth model. Historians hypothesize that this delay was due to the slow diffusion of new technologies among manufacturing plants together with the ongoing learning in plants after the new technologies had been adopted. The slow diffusion is thought to be due to manufacturers' reluctance to abandon their accumulated expertise with old technologies, which were embodied in the design of existing plants. Motivated by these hypotheses, we build a quantitative model of technology diffusion which we use to study this transition to a new economy. We show that it implies both slow diffusion and a delay in growth similar to that in the data. |
| Umfang: | 40, 13 S. graph. Darst. |
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| 520 | |a During the Second Industrial Revolution, 1860-1900, many new technologies, including electricity, were invented. These inventions launched a transition to a new economy, a period of about 70 years of ongoing, rapid technical change. After this revolution began, however, several decades passed before measured productivity growth increased. This delay is paradoxical from the point of view of the standard growth model. Historians hypothesize that this delay was due to the slow diffusion of new technologies among manufacturing plants together with the ongoing learning in plants after the new technologies had been adopted. The slow diffusion is thought to be due to manufacturers' reluctance to abandon their accumulated expertise with old technologies, which were embodied in the design of existing plants. Motivated by these hypotheses, we build a quantitative model of technology diffusion which we use to study this transition to a new economy. We show that it implies both slow diffusion and a delay in growth similar to that in the data. | ||
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| geographic_facet | USA United States Economic conditions 1865-1918 |
| id | DE-604.BV014259304 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T11:02:09Z |
| institution | BVB |
| language | English |
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| publishDate | 2001 |
| publishDateSearch | 2001 |
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| publisher | National Bureau of Economic Research |
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| series | NBER working paper series |
| series2 | NBER working paper series |
| spelling | Atkeson, Andrew 1961- Verfasser (DE-588)128378166 aut The transition to a new economy after the second industrial revolution Andrew Atkeson ; Patrick J. Kehoe Cambridge, MA National Bureau of Economic Research 2001 40, 13 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 8676 During the Second Industrial Revolution, 1860-1900, many new technologies, including electricity, were invented. These inventions launched a transition to a new economy, a period of about 70 years of ongoing, rapid technical change. After this revolution began, however, several decades passed before measured productivity growth increased. This delay is paradoxical from the point of view of the standard growth model. Historians hypothesize that this delay was due to the slow diffusion of new technologies among manufacturing plants together with the ongoing learning in plants after the new technologies had been adopted. The slow diffusion is thought to be due to manufacturers' reluctance to abandon their accumulated expertise with old technologies, which were embodied in the design of existing plants. Motivated by these hypotheses, we build a quantitative model of technology diffusion which we use to study this transition to a new economy. We show that it implies both slow diffusion and a delay in growth similar to that in the data. Geschichte Wirtschaft Diffusion of innovations United States Industrial productivity United States History Industrial revolution United States USA United States Economic conditions 1865-1918 Kehoe, Patrick J. Verfasser (DE-588)124744540 aut Erscheint auch als Online-Ausgabe NBER working paper series 8676 (DE-604)BV002801238 8676 http://papers.nber.org/papers/w8676.pdf kostenfrei Volltext |
| spellingShingle | Atkeson, Andrew 1961- Kehoe, Patrick J. The transition to a new economy after the second industrial revolution NBER working paper series Geschichte Wirtschaft Diffusion of innovations United States Industrial productivity United States History Industrial revolution United States |
| title | The transition to a new economy after the second industrial revolution |
| title_auth | The transition to a new economy after the second industrial revolution |
| title_exact_search | The transition to a new economy after the second industrial revolution |
| title_full | The transition to a new economy after the second industrial revolution Andrew Atkeson ; Patrick J. Kehoe |
| title_fullStr | The transition to a new economy after the second industrial revolution Andrew Atkeson ; Patrick J. Kehoe |
| title_full_unstemmed | The transition to a new economy after the second industrial revolution Andrew Atkeson ; Patrick J. Kehoe |
| title_short | The transition to a new economy after the second industrial revolution |
| title_sort | the transition to a new economy after the second industrial revolution |
| topic | Geschichte Wirtschaft Diffusion of innovations United States Industrial productivity United States History Industrial revolution United States |
| topic_facet | Geschichte Wirtschaft Diffusion of innovations United States Industrial productivity United States History Industrial revolution United States USA United States Economic conditions 1865-1918 |
| url | http://papers.nber.org/papers/w8676.pdf |
| volume_link | (DE-604)BV002801238 |
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