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| Tekijä: | Crafts, N. |
| Otsikko: | Steam as a general purpose technology: A growth accounting perspective |
| Lehti: | Economic Journal
2004 : APR, VOL. 114:495, p. 338-351 |
| Asiasana: | Technology Innovation Growth Accounting History United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | The contribution of steam to British economic growth in the 19th century is estimated using growth accounting methods similar to those recently employed to examine the role of information and communications technologies (ICT). The results indicate that steam contributed little to growth before 1830, having its peak impact about a 100 years after Watt's famous invention. Only with the advent of high-pressure steam after 1850 did the technology realize its potential. Compared with ICT, steam's impact on the annual rate of growth was modest. It is unlikely that these conclusions are vulnerable to quantification of hitherto unmeasured total factor productivity (TFP) spillovers. |
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