Growth as a Process of Increase in Inputs
Some economists contend that virtually all economic growth can be explained by
increases in inputs. In Chapters 5 and 6, we discussed the importance of the human
According to Glenn MacDonald and Michael Weisbach (2004:S289), however: “The evolution of
technology causes human capital to become obsolete. . . . Experience and learning by doing may offer
the old some income protection, but technology advance always turns them into has-beens.”