Abstract
Over the years the term technical progress has been given a wide range of meanings and interpretations. Here we shall use the term in two main senses which will subsequently form the subject-matter of the two main sections of this Survey. First we shall use the term to refer to the effects of changes in technology, or more specifically the role of technical progress in the growth process. Secondly, we shall use the term to refer to changes in technology itself, defining technology as useful knowledge pertaining to the art of production. In this context, we shall be concerned with the knowledge-creating activities of research, invention and development, together with the process of absorption of new knowledge into the productive system. These two interpretations of the term technical progress correspond broadly to the division in the economic literature between “macro”-studies which attempt to quantify the rate of technical progress as a determinant of the growth of output, and “micro”-studies which seek to explain the process of technical change—usually in a disaggregated way in firms and industries. In some places our Survey will overlap with the recent theoretical survey of growth by Hahn and Matthews [112], but in the main it is its complement, except that to emulate its thoroughness and masterly exposition would be a technological feat in itself! Our instructions were to make this Survey Anglo-centric. But for reasons that economists will appreciate it has come inevitably to stride the Atlantic with by far the larger foot in North America.
“The annual produce of the land and labour of any nation can be increased in its value by no other means but by increasing either the number of its productive labourers or the productive powers of those labourers who had before been employed … in consequence either of some addition and improvement to those machines and instruments which facilitate and abridge labour or of a more proper division and distribution of labour.”
(A. Smith)
We are grateful to the Committee in charge of this Survey series for their comments on an early draft of the Survey, and also to numerous colleagues at the University of Kent especially Mr. R. Dixon who checked the references and who has subsequently pointed out two small errors in the text as originally published, which are now corrected. They refer to equation (10) and the conclusions of Johansen’s study.
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Kennedy, C., Thirlwall, A.P. (1973). Technical Progress. In: Surveys of Applied Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-01860-4_3
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