Mark Knell
This paper examines the relationship between technological revolutions, economic thought, and evidence-based policies, focusing on the responses of classical economists Adam Smith, David Ricardo, and Friedrich List at the time of the Industrial Revolution. It analyses their perspectives on technology, labour, and machinery, highlighting specific ideas or arguments put forth by each economist. Embracing a Schumpeterian viewpoint, the paper emphasises how historical context shapes economic thought as reasoned history, influenced by the prevailing techno-economic paradigm. By underscoring the transformative power of innovations on production and efficiency, the study contributes to the understanding of the Industrial Revolution&s;s impact on economic theory and policy.