Part V. Saving, Investment, Greed, and Original Accumulation Do Not Explain Growth
August 28th, 2009Thrift was not the cause of the Industrial Revolution or its astonishing follow on. For one thing, every human society must practice thrift, and pre-industrial Europe, with its low yield-seed ratios, did so on a big scale. British thrift durinhttp://www.deirdremccloskey.com/weblog/2009/08/28/saving-investment-greed-and-original-accumulation-do-not-explain-growth/g the Industrial Revolution, for another, was rather below the European average. And for still another, savings is elastically supplied, by credit expansion for example (as Schumpeter observed). [continues; click title bar above]
