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Land, Labour and Agricultureumed into capital. There are two main reasons for this. The first is the traditional classical notion of land as a fixed factor of production, which in the long run is undoubtedly true. The second is the practical fact that land without the application of capital is of little use, justifying the treatment of land and capital as one factor.

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M. Taron,C. Sàrries,J.L. Ramírez,R. RossellPopulation growth plays a conflicting role in the development process. It can act both as a stimulus and an impediment to growth and development. The question, to which there is no easy answer, is at what point do the economic disadvantages begin to outweigh the advantages? Where does the balance lie?

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The Production — Function Approach to the Study of the Causes of Growth us very little about the causes of growth without adequate theorising. For example, growth can be expressed as the product of a country’s ratio of investment to output (./.) and the productivity of investment (Δ./.), i.e.

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Land, Labour and Agricultureumed into capital. There are two main reasons for this. The first is the traditional classical notion of land as a fixed factor of production, which in the long run is undoubtedly true. The second is the practical fact that land without the application of capital is of little use, justifying the tre

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Capital and Technical Progressnting period (i.e. gross income minus depreciation) and how much it consumes out of that income in the same period. Capital accumulation enlarges a country’s capacity to produce goods. As we saw in Chapter 2, however, production-function studies, at least for advanced countries, cast some doubt on w