World-System (1960-2100) WL20 Technology Growth Paths
The 2025 Nobel Prize in Economics was awarded for both advances in our theoretical and historical understanding of Technological Change . One reading of the work by Joel Mokyr , Philippe Aghion and Peter Hewitt is that new discoveries created by the random historical process of invention will always provide the technologies (through Creative Destruction ) necessary for continued, exponential economic growth. The forecast above, generated by different WL20 Models , shows that emphasis on Technical Efficiency ( TECHE ), particularly reducing Emission Intensity (CO2/EG), provides the best future growth path for the World System. Economic Theory seems to be mostly focused on Technical Productivity ( TECHP ). The historical work for this Cornucopian conclusion about the Future ( Joel Mokyr ) was based on studying the Industrial Revolution during the period 1500-1700. The theoretical work ( Philippe Aghi...