Technology Cycles and U.S. Economic Policy in the Early 21st Century

Name: Technology Cycles and U.S. Economic Policy in the Early 21st Century
Brand: Taylor & Francis

Taylor & Francis

The overarching theme of this volume is the cyclical nature of technological change, its impact on economic growth, and the limits of government intervention > The overarching theme of this volume is the cyclical nature of technological change, its impact on economic growth, and the limits of government intervention. Technological revolutions are infrequent; there were only three in all of the twentieth century. When they occur, their possibilities are often not immediately apparent. Technology revolutions induce capital investment, not just because they stimulate the need to acquire the new technology, but also because of the need to replace obsolete capacity and new infrastructure.While government has encouraged general economic progress by carrying out highly risky innovations unrelated to fostering economic growth, it seldom succeeds with specific efforts to foster growth. Recent examples of success include the Internet and the global positioning system (GPS), which trace theix