What has lead to the growth and development of the computer industry?
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Most economic theory ignores or underplays the contributions of technological progress. Mostly relegated to the realm of "exogenous factors" unaffected by economic policy, innovation enters the accounts chiefly as an effect of capital formation—the accumulation of buildings and equipment. Yet the most careful studies of the sources of productivity growth—by such economists as Lord Peter Bauer, Robert Dennison, and Nobel Laureates Simon Kuznets and Robert Solow—assign only a small share to mere accumulation of capital. Somewhere between 55 and 90 percent of productivity gains spring from other factors, such as the advance of knowledge and innovation.
If economic growth feeds on knowledge and innovation, current advances stem largely from the computer industry, a force of innovation devoted chiefly to the generation and use of knowledge. During the mid-eighties, studies at the Brookings Institution by Robert Gordon and Martin Baily ascribed some two-thirds of all U.S. manufacturing productivity growth to advances in efficiency in making computers.
The history of the computer revolution is misunderstood by most people. Conventional histories begin with the creation of Charles Babbage's analytical engine in the midnineteenth century and proceed through a long series of other giant mechanical calculating machines, climaxing with ENIAC at the University of Pennsylvania in the years after World War II. This is like beginning a history of space flight with a chronicle of triumphs in the production of wheelbarrows and horse-drawn carriages.
If economic growth feeds on knowledge and innovation, current advances stem largely from the computer industry, a force of innovation devoted chiefly to the generation and use of knowledge. During the mid-eighties, studies at the Brookings Institution by Robert Gordon and Martin Baily ascribed some two-thirds of all U.S. manufacturing productivity growth to advances in efficiency in making computers.
The history of the computer revolution is misunderstood by most people. Conventional histories begin with the creation of Charles Babbage's analytical engine in the midnineteenth century and proceed through a long series of other giant mechanical calculating machines, climaxing with ENIAC at the University of Pennsylvania in the years after World War II. This is like beginning a history of space flight with a chronicle of triumphs in the production of wheelbarrows and horse-drawn carriages.
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computer: Development of Computers
Although the development of digital computers is rooted in the abacus and early mechanical calculating devices, Charles Babbage is credited with the design of the first modern computer, the analytical engine, during the 1830s.
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