TY  - BOOK
AU  - Scott,Maurice FitzGerald
TI  - A New View of Economic Growth [ electronic resource ]
SN  - 9780198287421 ( e-book )
PY  - 2003///
PB  - Oxford Scholarship Online
KW  -  Environmental Economics and Finance
KW  - Electronic books
N2  - 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 reduce output, as orthodox growth theories assume, and this explains why there is no residual in a proper growth accounting, and no role for exogenous technical progress, whether disembodied or embodied. Orthodox growth theories, including vintage theories, are thus shown to be mistaken, and there is no place for the production function or aggregate productivity in the analysis of growth
UR  - https://doi.org/10.1093/0198287429.001.0001
ER  -