…oduction Theory Back to economics. Chapter 4 mentioned John Rae as a contributor to what later developed into Mill’s free growth theory. Rae’s book, published in 1834, also begins what was called period of production theory. The idea was th...
Mill
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…ucks for the local warlord rather than wealth for the originator and the world. But what they don’t need, say Mill and I and the data, is tighter belts. Adam Smith, in his Wealth of Nations published in 1776, proposed growth by belt tighten...
…e’re stuck with them whether the result right now is growth or not. They were our cost of survival during our million years as homo erectus, when the archeological record shows little overall change in the stone tools we made. Growth and la...
f the Mill paragraph says that if we plowed back only depreciation investment, without invading consumption for more, we would still grow if that investment paid off in higher returns than the current norm. Then capital would grow faster wi...
…s cost? Does faster growth need consumption restraint at the start? Is it a reward for sacrifice? That’s what Mill tried to answer in 1848. He started with the idea that output, meaning creation of capital, must mean growth of capital (“inv...
…at optimal investment at the national scale, strange as it sounds, is depreciation plowback and nothing more. Mill showed how that could be true. The same growth will arrive, say he and I and the charts and tables, with no consumption sacri...
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