I just found my copy of David Warsh’s “Knowledge and the Wealth of Nations”. I have promised myself that I would review it but on studying the dust cover, I find it says that the long term paradox of falling costs, is explained by internalising i.e. to the growth process, technological change. Such a simple insight, which from today’s view point seems so obvious. It may have impacted the capitalist economists more than the Marxians.

Quality of Capital
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