Measuring Capitalism: Output, Growth and Economic Policy
Over 70 years ago, Keynes (1930) published an essay in optimism predicting that within a century the standard of life in progressive countries would be between four and eight times higher, and the ‘economic problem’ would have effectively been solved. Individuals would then appreciate that: ‘avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable, that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow … We shall honour those who can teach us to pluck the hour and the day virtuously and well, the delightful people who are capable of taking direct enjoyment in things, the lilies of the field who toil not, neither do they spin’ (Keynes 1930).
KeywordsGross Domestic Product Capital Stock Total Factor Productivity Neoclassical Economic Endogenous Growth Model
Unable to display preview. Download preview PDF.