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The Technological Argument of the Stagnation Thesis

William Fellner

University of California System

I. Why the marginal efficiency of capital tends to be low in "mature" economies, according to the stagnation doctrine: less room for extensive growth, 638; institutional rigidities, 639; technological and organizational factors, 640.—II. "Deepening" vs. "widening" of capital during the 'twenties, 642. — Grounds for holding that innovations during the nineteenth century led to a considerable "deepening" of capital, 646. — Further criticism of the technological argument, 648. — Conclusions, 651.

DOI

10.2307/1884121

Volume

55 (4)

Pages

638

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