general purpose technologies

摘要: Economists have long been interested in how technological change affects long-run growth and aggregate fluctuations, yet it remains most often treated as incremental nature, adding only a trend to standard models. History tells us, however, that such can appear bursts, with flurries of innovative activity following the introduction new core technology. This observation leads economists reserve term ‘general-purpose technology’ (GPT) describe fundamental advances drive these flurries, which turn transform both household life ways firms conduct business. Over past 200 years or so, steam, electricity, internal combustion, information technology (IT) seem served GPT-type technologies. They affected entire economies. Earlier, very ability communicate writing later disseminate written via printed page also appears fit well into idea GPT.