Journal of Economic Literature
Book Reviews
2026-08-28
William F. Maloney of World Bank reviews “Technology, Institutions, and Economic Growth” by Richard R. Nelson,. The EconLit Abstract of the reviewed work begins “Critiques prevailing growth theory; develops an evolutionary theory of economic growth within which prevailing institutions both strongly affect the rate and direction of change, and themselves evolve; considers the unevenness of economic progress; and highlights some issues for institutional reform. Discusses the agenda for growth theory; the Asian miracle and modern growth theory; recent evolutionary theorizing about economic change; the nature and evolution of human know-how; institutions as a factor shaping economic performance; the uneven evolution of human know-how; physical and social technologies and their evolution; the problem of market bias in modern capitalist economies; and how recent moves to make basic scientific research a “market-oriented” activity threaten to erode the scientific commons. Nelson is George Blumenthal Professor of International and Public Affairs, Business, and Law, Emeritus, at Columbia University. Index.”