Economics, Econometrics and Finance
4 years ago

Capital formation drives economic growth, transforming hand-work to machine-driven factories.

Palgrave Macmillan UK eBooks
The Contribution of Capital to Economic Growth
John C. Carrington, George Edwards

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Capital formation plays a crucial role in economic growth by shifting from manual labor to machine-driven work in factories. This shift boosts productivity and income share, contributing significantly to overall economic development.