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A New View of Economic Growth$
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Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

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Investment, Invention, and Scientific Discovery

Investment, Invention, and Scientific Discovery

(p.131) 5 Investment, Invention, and Scientific Discovery
A New View of Economic Growth

Maurice FitzGerald Scott

Oxford University Press

Schmookler has provided evidence that the rate of invention is determined by the rate of investment. Investment (and inventive) opportunities are created by undertaking investment. There is no evidence that the opportunities in a particular field become exhausted for technical reasons, although they may for economic ones. Near simultaneous discoveries by different people show that past history makes inventions close to inevitable. Scientific discovery therefore is not the autonomous determinant of technical progress, which orthodox theory believes it to be.

Keywords:   invention, investment, scientific discovery, technical progress

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