The overarching theme of this volume is the cyclical nature of
technological change, its impact on economic growth, and the limits
of government intervention. Technological revolutions are
infrequent; there were only three in all of the twentieth century.
When they occur, their possibilities are often not immediately
apparent. Technology revolutions induce capital investment, not
just because they stimulate the need to acquire the new technology,
but also because of the need to replace obsolete capacity and new
infrastructure.
While government has encouraged general economic progress by
carrying out highly risky innovations unrelated to fostering
economic growth, it seldom succeeds with specific efforts to foster
growth. Recent examples of success include the Internet and the
global positioning system (GPS), which trace their origins to
defense-related research. In contrast, the countercyclical economic
stimuli of 2007-2009 have achieved little in the way of general
growth. The lack of data about the technology cycle makes
formulating appropriate monetary and other policy countercyclical
interventions difficult.
A technology-founded upswing animated the American economy
after 1990, and the "great recession" of 2007- 2009 reflected the
waning of the investment boom that this revolution generated.
Edmonson argues that the impact of technology revolutions on
general economic growth has never received the attention it
deserves. This volume will contribute much to debates on economic
policy.
General
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