CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - The permanent technological revolution: engine of growth

4 important questions on CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - The permanent technological revolution: engine of growth

David Landes: Industrial revolution

An interrelated succession of technological changes that transformed the societies in which these changes took place

What was the industrial revolution

The cumulative character of the technological developments (e.g spinning jenny) led to them together being called the industrial revolution

What is technological progress?

A change in technology that reduces the amount of resources required to produce a given amount of the output
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What can be a consequence of technological process?

If we need to work less to produce the basic things we need, technological changes can create significant increases in living standards

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