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Francis Bacon, John Rae, and the Economics of Competitiveness: Capital Theory and Trade Policy

Robin Neill
The American Journal of Economics and Sociology
Vol. 58, No. 3 (Jul., 1999), pp. 385-398
Stable URL: http://www.jstor.org/stable/3487769
Page Count: 14
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Francis Bacon, John Rae, and the Economics of Competitiveness: Capital Theory and Trade Policy
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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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