 Technical Progress, The Production Function, and DevelopmentHarvey Leibenstein
Chapter Chapter 11 in The Economics of Take-Off into Sustained Growth, 1963, pp 185-200 from Palgrave Macmillan Abstract: Abstract The neo-classical theory of price, production, and output did not lead to the development of a theory of innovations. Apart from Schumpeter’s work, inventions and innovations have been matters left outside of economic theory. In recent years there have been some attempts to develop investment functions that incorporate ‘technical progress’, but for the most part, these have not been widely accepted. The situation is still very much up in the air. But, if we are to have a take-off type theory of development this implies that at some point the induced rate of investment must be accelerated and that this higher rate of investment must sustain itself. But why should the rate of investment at a somewhat higher level of per capita income be higher than at a lower level ? Temporary exogenous events could explain occasional high investment rates, but this would be just as true for backward as for less backward and growing economies. Keywords: Production Function; Wage Rate; Technical Progress; Capital Good; Advanced Economy (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-63959-5_11 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-63959-5_11 Access Statistics for this chapter More chapters in International Economic Association Series from Palgrave Macmillan |
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