Capital Accumulation

Graeme Snooks

Chapter 14 in Global Transition, 1999, pp 254-264 from Palgrave Macmillan

Abstract: Abstract Capital accumulation has long held pride of place in theories about economic development. This pre-eminence can be traced back to the work of the pioneering economists Adam Smith (1723–1790), David Ricardo (1772–1823), and Karl Marx (1818–1883). The focus of this work is on physical rather than human capital. Even in the modern theory of economic development, which emerged in the 1940s, human capital was largely ignored until the 1970s. And the focus of policy-making bodies, both national and international, followed a similar preoccupation. This chapter examines the development models in which capital plays the central role in explaining the persistence of underdevelopment. It also exposes the limitations of these models, and suggests how they can be resolved.

Keywords: Human Capital; Capital Accumulation; Physical Capital; Capital Requirement; Neoclassical Economist (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98479-6_14

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DOI: 10.1057/9780333984796_14

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