Technical progress - the systematic process of continuous learning in production, that characterizes industrial societies - represents the most powerful and revolutionary source of wealth that has so far become available to mankind. This is a source of wealth with characteristics far more favourable to the relations among individuals and among nations than the older forms of pursuing wealth through exploitation and trade. Technical progress is a complex process: it does not bring wealth in an automatic way. It does not come as a free gift. It has to be managed. It comes as an impetuous flow of possibilities which must continually be channelled in new directions.
Pasinetti, L. L., Technical Progress and the Wealth of Nations, in Bortis, H., Bosshart, L. (ed.), Technologischer Wandel in Wirtschaft und Gesellschaft, Freiburg, Universitätsverlag, Freiburg 1985: 47- 66 [http://hdl.handle.net/10807/75136]
Technical Progress and the Wealth of Nations
Pasinetti, Luigi Lodovico
1985
Abstract
Technical progress - the systematic process of continuous learning in production, that characterizes industrial societies - represents the most powerful and revolutionary source of wealth that has so far become available to mankind. This is a source of wealth with characteristics far more favourable to the relations among individuals and among nations than the older forms of pursuing wealth through exploitation and trade. Technical progress is a complex process: it does not bring wealth in an automatic way. It does not come as a free gift. It has to be managed. It comes as an impetuous flow of possibilities which must continually be channelled in new directions.
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