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Book Review on the Industrial Revolution

07 Apr 2015

It has been a long time since I have written anything on books I am reading.  I think I have a winner in a relatively new book by Joel Mokyr entitled The Enlightened Economy: Britain and the Industrial Revolution, 1700-1850, published by Penguin Books and Yale University in 2011 and 2009.  Now I know the title must make it sound as if the book is dry as dust.  Surprisingly, for a book of 564 pages, it is pretty lively.  But more than that, the book is important for what it tells us about the Industrial Revolution in Great Britain, which originated in that region in the 1700s.  Mokyr ties the Revolution to the Enlightenment as more than merely an increase in technology.  But he also makes clear that the use of Enlightenment scientific thought was not direct, but by way of “useful knowledge.”  There were ideas—important economic ones—behind the Industrial Revolution, ideas that have had a profound influence on our civilization and our economic life for the good.  The causes of the Industrial Revolution have been the subject of much discussion and research.  Mokyr seems to be aware of all of the theories and carefully addresses the shortcomings and usefulness of each one.  The reason you might want to pick this book up is that in painting the picture of that revolution and all that it entailed for Europe and America, he shows why it occurred and why it did not.  Now Mokyr doesn’t gloss over the early negative impacts of the Industrial Revolution, of which there were some.  But he also shows how these were not as large as some have thought and that they were solved within a relatively short period.  The lessons learned for economists can be crucial as they try to discern what leads to economic growth.  In that sense, the lessons are timeless.  I would recommend the book to economists, economic historians, historians, and policy analysts.  But don’t take my word.  Read it.