Mechanisation and Long Waves

Abstract

Chapter 1 drew attention to the recent interest in theories of long-term economic development which might throw some light on the causes of the current economic crisis and on means of solving it. Such theories are usually called ‘long wave’ theories.¹ There are three reasons why we examine long wave theories in this book. First, they offer, more than any other body of economic theory, a way of examining the historical significance of major technological change. Second, the proposed dating of them corresponds at various points to our analysis of phases of mechanisation. Third, they themselves propose a role for ‘automation’ which deserves attention, given our focus on mechanisation.