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There is little evidence that the Industrial Revolution was caused by a preference shift

Published online by Cambridge University Press:  20 November 2019

David Hirshleifer Open the ORCID record for David Hirshleifer [Opens in a new window]  and
Siew Hong Teoh Open the ORCID record for Siew Hong Teoh [Opens in a new window]
David Hirshleifer
Affiliation:
Merage School of Business, University of California, Irvine, Irvine, CA 92697. [email protected]@uci.eduhttps://sites.uci.edu/dhirshle/https://sites.uci.edu/steoh/
Siew Hong Teoh
Affiliation:
Merage School of Business, University of California, Irvine, Irvine, CA 92697. [email protected]@uci.eduhttps://sites.uci.edu/dhirshle/https://sites.uci.edu/steoh/
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Abstract

The idea, based on Life History Theory, that the Industrial Revolution was a positive feedback process wherein prosperity induced prosperity-promoting preference shifts is just an intriguing speculation. The evidence does not distinguish this explanation from simple alternatives. For example, increased prosperity may have freed up time for individuals to engage in innovative activity and increased the benefits from doing so.

Type
Open Peer Commentary
Information
Behavioral and Brain Sciences , Volume 42 , 2019 , e202
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Copyright
Copyright © Cambridge University Press 2019 

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