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Accumulation of knowledge and accumulation of capital in early 'theories' of growth and development

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  • Renee Prendergast

Abstract

This paper argues that prior to Adam Smith economic progress was largely conceived as being based on the accumulation of knowledge. The development by Turgot and Smith of a concept of capital that subsumed other factors contributing to development led their followers to focus on capital to the neglect of the independent role of knowledge. The paper demonstrates that this paradigmatic shift was identified and challenged by Bentham, Hodgskin and Rae who argued for the independent role of innovation but without lasting impact. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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  • Renee Prendergast, 2010. "Accumulation of knowledge and accumulation of capital in early 'theories' of growth and development," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(3), pages 413-431.
    • Handle: RePEc:oup:cambje:v:34:y:2010:i:3:p:413-431
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    File URL: http://hdl.handle.net/10.1093/cje/bep009
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    Cited by:

    1. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.

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