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The Place of Capital in Economic Progress

In: Economic Progress

Author

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  • Alec Cairncross

    (University of Glasgow)

Abstract

Capital occupies a position so dominant in the economic theory of production and distribution that it is natural to assume that it should occupy an equally important place in the theory of economic growth. In most of the recent writings of economists, whether they approach the subject historically (e.g. in an attempt to explain how the Industrial Revolution started) or analytically (e.g. in models of an expanding economy) or from the side of policy (e.g. in the hope of accelerating the development of backward countries), it is the process of capital accumulation that occupies the front of the stage. There is an unstated assumption that growth hinges on capital accumulation, and that additional capital would either provoke or facilitate a more rapid rate of economic development even in circumstances which no one would describe as involving a shortage of capital.

Suggested Citation

  • Alec Cairncross, 1987. "The Place of Capital in Economic Progress," International Economic Association Series, in: León H. Dupriez & Austin Robinson (ed.), Economic Progress, edition 0, chapter 10, pages 197-209, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08440-1_10
    DOI: 10.1007/978-1-349-08440-1_10
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