Capital Accumulation and Technological Progress
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As noted in Chapter 5, investment in new products and processes (research and development) and in capital equipment is an essential prerequisite for sustained economic growth. This chapter examines Britain’s record with regard to expenditure on research and development (R&D) and physical capital. It then explores the economic theory of investment in an attempt to identify the key factors that determine the level of investment and considers recent policies designed to. stimulate private-sector investment against this theoretical background.
KeywordsInterest Rate Capital Cost Real Interest Rate Nominal Interest Rate Liberal Democratic Party
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