American Economic Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
Time for Growth
American Economic Journal: Macroeconomics
(pp. 523–60)
Abstract
This paper investigates the adoption, diffusion, and long-run impact of the public mechanical clock, one of the most important high-technology machines in history, on European economic growth and development. We avoid endogeneity by considering the relationship between the adoption of such clocks and an instrumental variable based on the appearance of repeated solar eclipses. Solar eclipses triggered a medieval cultural movement in which people sought to understand the motion of stars and clocks, which resulted in astronomic instruments and symbols of prestige. We find a significant increase in population, especially between 1500 and 1700, in early adopter cities.Citation
Boerner, Lars, and Battista Severgnini. 2026. "Time for Growth." American Economic Journal: Macroeconomics 18 (2): 523–60. DOI: 10.1257/mac.20230039Additional Materials
JEL Classification
- J11 Demographic Trends, Macroeconomic Effects, and Forecasts
- N13 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
- N33 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: Europe: Pre-1913
- N73 Economic History: Transport, Trade, Energy, Technology, and Other Services: Europe: Pre-1913
- O31 Innovation and Invention: Processes and Incentives
- O33 Technological Change: Choices and Consequences; Diffusion Processes