Home About Latest Browse RSS Advanced Search

Federal Reserve Bank of Kansas City
Economic Review
Are we living in the middle of an Industrial Revolution?
Joel Mokyr

The concept of a new Industrial Revolution has recently become of great interest to general economists of all persuasions. For example, the New Growth Theory has placed renewed emphasis on the importance of technological change in modern economic growth, and a number of authors have suggested that we are entering a new period of technological advances that could profoundly affect the world economy. ; In an article based on comments at the Tenth District Monetary Policy Roundtable, Mr. Mokyr looks at the events of our time in relation to events of the British Industrial Revolution. He cautions that the temptation to look at the past to guide us in making predictions and policy recommendations should be resisted. Historical analogies often mislead as much as they instruct, and in technological progress, where change is unpredictable, cumulative, and irreversible, the analogies are more dangerous than anywhere.

Download Full text
Cite this item
Joel Mokyr, "Are we living in the middle of an Industrial Revolution?" , Federal Reserve Bank of Kansas City, Economic Review, issue Q II, pages 31-43, 1997.
More from this series
JEL Classification:
Subject headings:
Keywords: Technology ; Economic history ; Economic conditions - United States
For corrections, contact LDayrit ()
Fed-in-Print is the central catalog of publications within the Federal Reserve System. It is managed and hosted by the Economic Research Division, Federal Reserve Bank of St. Louis.

Privacy Legal