Cardwell’s Law

While reading Joel Mokyr’s newest book I came across an older paper of him, which I found very interesting. It is about what Mokyr calls Cardwell’s law*— the empirical regularity that “most societies that have been technologically creative have been so for relatively short periods”. Throughout economic history successful countries in terms of innovation and economic growth have usually lost their competitive edge pretty soon again and were overtaken by others. Continue reading Cardwell’s Law

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How We Started to Study Technological Change

In 1957, Zvi Griliches published a seminal article in innovation economics (Hybrid Corn: An Exploration in the Economics of Technological Change“), which is based on his PhD thesis. It is safe to say that this piece stands at the beginning of innovation developing into an independent subfield of economics. Besides that, Griliches was also a pioneer in modern style econometric work. In this paper you can clearly see why. It’s a marvellous combination of policy relevant work–he collected a novel data set on US corn production of the time–and advancement in economic theory. Continue reading How We Started to Study Technological Change