![]() Nevertheless a view of economic growth that depends so heavily on an exogenous variable, let alone one so difficult to measure as the quantity of knowledge, is hardly intellectually satisfactory. All that h as to be added is the obvious fact that knowledge is growing in time. These results do not directly contradict t he neo-classical vie w of the production function as an expression of technological knowledge. Though doubtless no economist would ever have denied the role of technological change in economic growth, its overwhelming importance relative to capital formation has perhaps only been fully realized with the important empirical studies of Abramovitz and Solow. ![]() ![]() It is by now incontrovert ible that increases in per capita income cannot be explained simply by increases in the capital-labor ratio.
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