The goal of Christopher Freeman and Francisco Louçã's book As Time Goes By is to provide an overarching treatment of economic development in the United States and Europe since 1750 within the framework of the “long wave” tradition. A subsidiary goal, which occupies the first part of the book, and prepares the ground for the second, is to criticize macroeconometric and cliometric methodologies in economic history and to promote an approach based on the writings of Joseph Schumpeter and Nikolai Kondratiev.