Introduction

Abstract

Sustained modern economic growth is less than 300 years old. Most of the human experience has been a Malthusian one – brief periods of relative plenty for some, followed by collapse due to famine, drought, or other exogenous factors, or due to internal factors such as war or excessive population growth that outstripped the resource base. In all cases, general productivity growth was short term and minimal and each society's well-being was tied inexorably to the condition and stock of natural resources.

Citation

Libecap, G.D. (2007), "Introduction", Berkhout, G., Van Der Duin, P., Hartmann, D. and Ortt, R. (Ed.) The Cyclic Nature of Innovation: Connecting Hard Sciences with Soft Values (Advances in the Study of Entrepreneurship, Innovation and Economic Growth, Vol. 17), Emerald Group Publishing Limited, Leeds, pp. 1-3. https://doi.org/10.1016/S1048-4736(07)17011-9