IN CONTEXT
Growth and development
Robert Solow (1924–)
1934 Joseph Schumpeter stresses the vital role of technological change in economic growth.
1956 Robert Solow devises the neoclassical growth model in which technological change plays a role but is not explained.
1966 Jacob Schmookler argues that technological development responds to economic incentives.
2004 Nicholas Crafts shows that general purpose technologies take time to diffuse through economies.
2005 Richard Lipsey argues that technological revolutions led to the rise of the West.
Economic growth is powered by innovation and invention. Some innovations are incremental, ...
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