The Great Enrichment
The Economic History Podcast
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Capitalism and the Great Enrichment
The conservative view is that these virtuous capitalists saved large numbers amount. Capital, if you just an in it has sharply diminishen returns. And since the yield on financial capital is determined by physical capital, to yield on physical capital, it bers no sort of delta. Ca, as the austrians say, must be aimed correctly. It's got to go to the right project. That is, local knowledge that just pouring capital doesn't use.
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