Carlota Perez – Technological Revolutions and Financial Capital

Went through https://www.amazon.com/gp/product/1843763311/ while doing a research of past growth cycles.

Carlota Perez is a respected economist proposing a neo Shumpererian view to sources of economic growth embellished in new Golden ages facilitated by underlying inventions. The book can be a nice if heavy supplement to other business / management treatises like Innovators Dilemma or Crossing the Chasm.

The problem is the author’s being too liberal with historical facts to prove a concept. Several notable historians of economic growth and history of science would disprove certain notions used – be that the microprocessor or real first stage of the industrialisation of Britain.

Also, the drivers mentioned – capital and technology – exclude another being labour (element mentioned in Solow model) and also researched heavily by both Gordon and Mokyr. Diffusion of knowledge and building of science is a major contributor to industrialise a single experiment – more often than not yielding a frothy speculative bubble.

Take caution and check / refer with other notable publications. But again, an interesting theory.