eBook - 1995
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These two volumes present empirical studies that have permanently alteredprofessional debates over investment and productivity as sources of postwar economicgrowth in industrialized countries. The distinctive feature of investment is thatreturns can be internalized by the investor. The most straightforward application ofthis idea is to investments that create property rights, but these volumes broadenthe meaning of capital formation to include investments in education andtraining.Postwar US Economic Growth traces the outstanding postwar performance ofthe US economy to investments in tangible assets and human capital. This volumeprovides the starting point for a new consensus on policies to generate growth bystimulating and rewarding investments. These policies will focus on returns that canbe internalized by investors, ending the fruitless search for "spill overs" that cangenerate substantial growth without providing incentives for capitalformation.

Publisher: Cambridge, Mass. : MIT Press, c1995.
ISBN: 9780585237572
Characteristics: xxviii, 434 p. : ill. ; 24 cm.
Additional Contributors: NetLibrary, Inc


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