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The Technological Argument of the Stagnation Thesis

William Fellner
The Quarterly Journal of Economics
Vol. 55, No. 4 (Aug., 1941), pp. 638-651
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1884121
Page Count: 14
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The Technological Argument of the Stagnation Thesis
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Abstract

I. Why the marginal efficiency of capital tends to be low in "mature" economies, according to the stagnation doctrine: less room for extensive growth, 638; institutional rigidities, 639; technological and organizational factors, 640.--II. "Deepening" vs. "widening" of capital during the 'twenties, 642.--Grounds for holding that innovations during the nineteenth century led to a considerable "deepening" of capital, 646.--Further criticism of the technological argument, 648.--Conclusions, 651.

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