Abstract
Using a univariate decomposition of per capita real GDP into its permanent trend and irregular components, the objective of this paper is to measure, rank, and compare the relative importance of the major technological innovations of the past two centuries as measured by their contribution to the growth rate of real per capita GDP. The paper uses the growth model and Beveridge and Nelson’s (1981) univariate decomposition method to measure and to compare the economic impact of random technological shocks, as measured by the average increase in real per capita GDP during sub-periods of major technological advancements.
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Falatoon, H., Safarzadeh, M.R. Technological innovations and economic prosperity: A time series analysis. RISEC 53, 240–248 (2006). https://doi.org/10.1007/BF03029586
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DOI: https://doi.org/10.1007/BF03029586