The Relationship of Technological Change With Economic Growth From the Perspective of Institutional Economics

Abstract

The relationship between economic growth, technological change, and institutions has been the subject of various theoretical evaluations. In this chapter, the relationship in question will be examined in the context of the systematics of thought of two great thinkers, J. A. Schumpeter and T. Veblen. In this study, evaluations are made by theoretically putting Schumpeter, who examines the effects of economic growth and institutional structure as the dominant factor of the change brought about by technological development, at one end of the spectrum and Veblen, who states that the structure of institutions and society is more dominant in technological change, on the other side.