Fogel's Model of Economic Growth

Fogel’s Model of Economic Growth emphasizes the role of technological progress and innovations—such as advancements in agriculture, industry, and transportation—in driving economic development. It suggests that improvements in productivity, fueled by technological changes, lead to increased output and higher living standards over time. The model highlights that sustained economic growth depends largely on continuous innovation and the adoption of new technologies, which enable societies to produce more goods and services efficiently. Essentially, Fogel’s approach sees technological progress as a key catalyst transforming resources into increased wealth and improved quality of life.