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• W2501876222 abstract "In the decade following the Second World War, when problems of economic development were engaging the attention of many economists, it was widely held that the poverty of the low-income countries could only be solved by the massive injection of capital into their economies. Today it is no longer thought that an increase in investment is a sufficient condition to secure economic growth. Post-war studies of investment and growth in the less developed countries show little correlation between the two. Historical studies of the industrial countries show that there was no sudden increase in the investment ratio. In Britain, the proportion of the national income invested remained constant at 7 per cent throughout the eighteenth century, rose only one point in the 1790s and did not exceed 10 per cent until the 1840s, by which time the ‘take-off’ had been achieved. Studies of the recent economic history of the United Kingdom and the United States also show that increases in output have been far greater than the rate of investment might suggest. Many writers now place less emphasis on the mere accumulation of capital and stress the importance of investment in new technologies and the complementarity of resources. None the less, we may well begin our study of economic problems in agricultural development by considering the role of capital.1" @default.
• W2501876222 created "2016-08-23" @default.
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• W2501876222 date "1970-01-01" @default.
• W2501876222 modified "2023-09-25" @default.
• W2501876222 title "Economic Obstacles to Agricultural Development" @default.
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• W2501876222 doi "https://doi.org/10.1007/978-1-349-15370-1_3" @default.
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