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Long-Term Economic Growth

In: The Economic Value of Creative Mental Labor

Author

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  • Hasan Gürak

Abstract

The purpose of this chapter is to contribute to the theory of growth by presenting a “simple” alternative growth model based on the concepts of creative mental labor and technological innovations. Technological innovations can be defined as either 1. knowledge used to create an existing product with a new production method or 2. knowledge for producing new product, often involving a new production method. For example, producing a mobile phone or computer with the same features at a lower unit cost through a “new production method” falls into the first category. A mobile phone or computer with higher specifications falls into the “new product” category. Old product vs. new product Old products New products Corded telephone device Mobile smartphone Black-and-white TV set Android TV set Diesel engine for cars Hybrid engine for cars Windows 7 Windows 12 The analysis encompassing the concept of “creative mental labor” is rather different from the economic analysis referring to mental activities in noncommercial sectors.

Suggested Citation

  • Hasan Gürak, 2024. "Long-Term Economic Growth," Springer Books, in: The Economic Value of Creative Mental Labor, chapter 0, pages 29-49, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-70110-8_3
    DOI: 10.1007/978-3-031-70110-8_3
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