The historical record concerning industrialization since 1770 is
consistent with the classical view of economic growth, but not with
the currently accepted neo-classical growth theory. Flaws in the
logic and empirical short-comings of the neo-classical theory
suggest that it should be rejected. Specifically, ideas that
originate in static concepts cannot be applied to growth, a dynamic
process. Nineteenth-century industrialization, the world wars and
the Depression, the post-war boom, and the more recent slowdown in
growth are discussed.
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