An Economic Model that Explains the Industrial Revolution
—and It’s Wholly Libertarian
Dr. Terence Kealey explains how the Industrial Revolution was spurred by the free movement of ideas, not top-down planning. He lays out his case in greater detail in a forthcoming paper, “Modelling the Industrial Revolution using a contribution good model of technical change,” coauthored with Martin Ricketts of the University of Buckingham.
Kealey is an adjunct scholar at the Cato Institute and professor of clinical biochemistry and former vice chancellor of the University of Buckingham, the only private university in England. He is the author of several books making powerful arguments against government funding of scientific research, including The Economic Laws of Scientific Research and Sex, Science, and Profits.
Tuesday, February 25