In brief...Cotton and Cars: the Huge Gains from Process Innovation
Tim Leunig () and
CentrePiece - The Magazine for Economic Performance from Centre for Economic Performance, LSE
New inventions are good for economic growth, but equally important are improvements in the way we make things - what's known as process innovation. Tim Leunig and Joachim Voth measure the impact of two such innovations - mechanical cotton spinning and the motorcar assembly line - on the world's material wellbeing.
Keywords: Process innovations; new goods; welfare; consumer surplus; mechanisation; mass production; automobiles; cotton; industrial revolution; second industrial revolution (search for similar items in EconPapers)
JEL-codes: N22 N24 O31 O40 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepcnp:347
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