Technological evolution is widely thought to be the primary process that brings about economic growth. It is one of the main targets of evolutionary economics, but how technological change induces economic growth has remained unexplained. Based on the new theory of value, this paper explains how technological change leads to long-run improvement in real wage rates and income per capita. Section 2 gives a brief overview of the new theory and presents two theorems (minimal price and the convergence theorem) that afford the basis of analyses in Sections 4 and 5. Before these, Section 3 compares two price systems, traditional and new, and compares efficiency from two points of view. Traditionally economics with equilibrium has been concerned with those conditions that provide allocative efficiency. However, technological evolution comprises a series of half-blind selections of ‘better’ production techniques and exhibits another kind of efficiency that can be named dynamic efficiency. The latter is more important than the former. Allocative efficiency is self-destructive, while dynamic efficiency is cumulative in its effects. Section 4 shows how technological change works cumulatively and how it leads to real wage increases and income per capita. Section 5 shows that the new theory can explain the emergence and growth of global value supply chains as a part of technology choice arising through international trade. This paper is mainly focused on supply-side theory, while problems concerning the demand side are considered in Section 6. Section 7 concludes.

中文翻译：

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分析技术变化的新框架

人们普遍认为技术发展是带来经济增长的主要过程。它是进化经济学的主要目标之一，但技术变革如何引发经济增长的原因尚待解释。基于新的价值理论，本文解释了技术变革如何导致长期的实际工资率和人均收入改善。第2节简要概述了新价格理论，并提出了两个定理（最小价格定理和收敛定理），这些定理为第4节和第5节的分析奠定了基础。在此之前，第3节比较了传统和新的两个价格体系，并进行了比较。从两个角度来看效率。传统上，具有均衡的经济学一直关注那些提供分配效率的条件。但是，技术发展包括一系列对“更好的”生产技术的半盲选择，并展现出另一种可以称为动态效率的效率。后者比前者更重要。分配效率是自毁性的，而动态效率是其效果的累积。第四部分显示技术变革如何累积发挥作用，以及它如何导致实际工资增长和人均收入。第五部分表明，新理论可以解释全球价值供应链的出现和增长，这是通过国际贸易产生的技术选择的一部分。本文主要侧重于供应方理论，而有关需求方的问题将在第6节中讨论。