12/13/2023 0 Comments Mechanical clock![]() Our research shows that public mechanical clocks had a big impact on growth in the places that were early adopters of the new technology. The impact of public mechanical clocks on growth Our study is in line with the suggestion of Paul David (1990), which explains the Solow Paradox from an historical perspective. The introduction of clocks and a precise way of measuring time is also linked to the impact of a new general purpose technology for a society. This fundamental question is not new – it has been discussed by social scientists such as Marx, Sombart, and Weber – but it has never been analysed quantitatively and tested empirically. In a recent paper, we study the impact of the spread of these first public mechanical clocks on the economic growth and development of Western European cities and regions in the long run (Boerner and Severgnini 2015). Finally, the debate has been recently kindled by Robert Gordon (2016) with his historical and economic analysis of inventions and US economic growth. (2002) underline the positive role of hi-tech capital and the complementarity with skills and innovations at the firm level. However, other scholars have found the advantage and the positive effects of the spread of computers on society. In a 1987 article published in the New York Times, Robert Solow underlined a productivity paradox (now known as the Solow Paradox) that highlights that the 1970s US productivity slowdown concurs with the adoption of computers ("You can see the computer age everywhere but in the productivity statistics"). On the other hand, in the last 20 years – which coincide with the introduction of new innovations in information technology – new research has found a more differentiated picture of this relationship. Ricardo 1821, Leontief 1983, Samuelson 1988) claimed a negative relationship between machines and wages (and thus population and income growth). On the one hand, studies carried out before the 1990s (e.g. Unfortunately, the answer is not that clear. The study of mechanical clocks can shed some light on growth dynamics in the Western World that can be achieved by the accumulation of knowledge and the improvement or introduction of new technologies. New technologies and growth: Mixed evidence In this way, the clocks were publicly accessible and easy for everyone to understand, and the knowledge for enjoying this technology was very simple – a person only had to listen to the chime and have the ability to count. The day was typically divided into two units of twelve, and the bells rang accordingly as many times. These early mechanical clocks did not have a dial, but only worked with a bell. These clocks were typically built on church towers or on the communal tower of the town, and were mechanical devices that produced a weight-driven acoustic signal every hour. Market openings and activities started with the sun rise and typically ended at noon when the sun was at its zenith, while a labour day was as long as the sun was up and pay by the hour did not exist.ĭifferent attitudes on punctuality had started by the late Middle Ages, when the first public mechanical clocks were introduced and spread across European cities. ![]() Until the late Middle Ages, people had to rely on sun or water clocks, which did not play any role in basic life and business activities. However, looking at the evolution of mankind, the concept of the precise measurement of time is surprisingly rather recent. Indeed, improving coordination and reducing transaction costs are so basic and self-evident that the underlying need for a common precise time measurement gets almost forgotten. The measurement of time allows monitoring and coordinating production processes and it is crucial to improving labour efficiency (Landes 1983, Mokyr 1992). The precise measurement of time is fundamental to schedule business meetings exactly on the minute and the hour, to have opening hours for retail business, or to synchronise exchange activities on financial markets. This statement is even more relevant to today's business activities. “Remember that time is money.” Already in 1748, Benjamin Franklin underlined in a short contribution to a business manual that the temporal aspect is a pivotal variable for the economy. ![]()
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