There is little evidence that the Industrial Revolution was caused by a preference shift
David Hirshleifer1, Siew Hong Teoh1
1Merage School of Business, University of California, Irvine, Irvine, CA 92697. David.h@uci.edusteoh@uci.eduhttps://sites.uci.edu/dhirshle/https://sites.uci.edu/steoh/.
Abstract:
The idea, based on Life History Theory, that the Industrial Revolution was a positive feedback process wherein prosperity induced prosperity-promoting preference shifts is just an intriguing speculation. The evidence does not distinguish this explanation from simple alternatives. For example, increased prosperity may have freed up time for individuals to engage in innovative activity and increased the benefits from doing so.
Related Concept Videos
Cause and Effect
Inductive Effects on Chemical Shift: Overview
Confirmation Biases
Social Proof
First Impression
Criteria for Causality: Bradford Hill Criteria - I


