Productivity growth in the history of economic analysis

Le résumé fourni par la source

This chapter traces the evolution of the concept of productivity and its growth in the history of economic analysis, from the Industrial Revolution to contemporary debates on automation and artificial intelligence. It shows how economists have interpreted productivity not merely as a technical ratio of inputs to outputs but as a reflection of deeper social, institutional, and technological dynamics. Classical economists linked productivity to the division of labour and national income per capita. Marx emphasized contradictions and social conflicts it engendered within capitalism. Schumpeter coined the term “creative destruction.” Keynes and the Post-Keynesians highlighted its dependence on demand, expectations, and institutions. In his growth accounting Solow did not explain productivity growth but took it as given from the outside. Endogenous growth theories sought to explain it endogenously. The discussion covers historical context, measurement challenges, and theoretical controversies. This chapter concludes by assessing current challenges of sustainability and digital-era innovation against the historical background put up.

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