Francis Bacon, John Rae, and the Economics of ...
|Title||Francis Bacon, John Rae, and the Economics of Competitiveness|
|Journal||American Journal of Economics and Sociology|
|Abstract||John Rae and the contemporary proponents of the economics of competitiveness assert that traditional treatments of economic growth, development, and trade have not taken into account the ability of technological progress to overcome diminishing returns to investment. Unlike the contemporary advocates of competitiveness, Rae did not fall into the trap of insisting that the costs of technical knowledge determine its productiveness.|
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