Time is Money. The impact of public mechanical clocks on economic growth

The public mechanical clock first appeared in European cities in the late 13th century, and it was one of the most important innovations in history. 

European cities that were quick to install mechanical clocks enjoyed greater growth than late adopters.

This presentation shows the impact of the early adaption of high-technology machines on long run economic growth. In particular, the effect of population growth after the introduction of mechanical clocks in late medieval European cities is studied.

In addition, the appearance of total solar eclipses as a driver for the implementation of clocks is considered.

The good news is that new technologies can have a fundamental impact on economic growth, and the policy implication is that it is indeed important to implement new technologies and let societies learn to use them and adapt to them.

However, it can take generations to reap the full benefits of new high-tech machines; quick gains might not be achievable.

Remember, as Benjamin Franklin wisely noted, "time is money," and understanding the impact of time measurement devices on economic growth provides valuable insights for our modern world.

About the speaker

Battista Severgnini is associate professor with CBS Department of Economics. His primary resears areas are: 

• Economic Growth and Development

• Productivity

• Labour Economics

• Sport Economics

• Economic History

Battista holds a ph.d from Humboldt University, Berlin

This event is in English.