In brief...Cotton and Cars: the Huge Gains from Process Innovation
New inventions are good for economic growth, but equally important are improvements in the way we make things - what's known as process innovation. Tim Leunig and Joachim Voth measure the impact of two such innovations - mechanical cotton spinning and the motorcar assembly line - on the world's material wellbeing.
26 October 2011 Paper Number CEPCP347
This CentrePiece article is published under the centre's Trade programme.