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A New View of Economic Growth
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A New View of Economic Growth

Maurice FitzGerald Scott

Abstract

This book presents a major new theory of economic growth and uses it empirically to explain past growth in different countries and periods and in different industries. Investment is defined as the cost of changing economic arrangements. Undertaking investment not only absorbs investment opportunities but also reveals new ones as it changes the world. There is then no reason why cumulative investment should reduce the rate of return, and it has not done so. Investment also drives up wage rates and so shifts income from capitalists to workers. This causes capital to depreciate but that does not ... More

Keywords: aggregate productivity, depreciation, economic growth, investment, production function, rate of return, technical progress, vintage theory

Bibliographic Information

Print publication date: 1991 Print ISBN-13: 9780198287421
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198287429.001.0001

Authors

Affiliations are at time of print publication.

Maurice FitzGerald Scott, author
Nuffield College, Oxford