Technology in the Developed Economy

  • J. K. Galbraith
Part of the International Economic Association Conference Volumes, Numbers 1–50 book series (IEA)


Few things have been more interesting in the last decade than the revision of public attitudes toward technical innovation in the United States and other industrial countries. Until very recent times it was, in all countries, a nearly absolute social good. The word invention was, for all practical purposes, synonymous with progress. The scientist and engineer, the sources of such innovation, were prime social benefactors. The encouragement of technical innovation was a central function of the modern state.


Public Good Public Interest Process Innovation Product Innovation Technical Innovation 
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  1. 1.
    It will be evident that in these assumptions as regards threshold earnings and growth, I follow the general line of argument of William J. Baumol in Business Behaviour, Value and Growth (New York: Macmillan, 1959), especially pp. 48–53Google Scholar
  2. Robin Marris in The Economic Theory of ‘Managerial’ Capitalism (NewYork: The Free Press of Glencoe, 1964)CrossRefGoogle Scholar
  3. Cf. also Carl Kaysen in The Corporation in Modern Society, ed. Edward S. Mason (Cambridge: Harvard University Press, 1959), p. 90.Google Scholar

Copyright information

© International Economic Association 1973

Authors and Affiliations

  • J. K. Galbraith
    • 1
  1. 1.Harvard UniversityUSA

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