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Transition in Context By: Dr. Sam Vaknin Also Read Lessons in Transition Is Transition Possible? The Rip van Winkle Institutions The Author of this Article is a Racist The Eureka Connection Women in Transition: From Post Feminism to Past Femininity Axes to Grind The Taxonomy of Political Conflict The Solow Paradox Forward to the Past Capitalism in Post-Communist Europe
Anticipating much-feared scarcity encourages hoarding which engenders the very evil it was meant to fend off. Ideas and knowledge inputs as important as land and water are not subject to scarcity, as work done by Nobel laureate Robert Solow and, more importantly, by Paul Romer, an economist from the University of California at Berkeley, clearly demonstrates.
The OECD has just published a study titled "Productivity and Innovation". It summarizes the orthodoxy, first formulated by Nobel prizewinner Robert Solow from MIT almost five decades ago: "A substantial part of economic growth cannot be explained by increased utilisation of capital and labour.
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