Although it is obvious that people acquire useful skills and knowledge, it is not obvious that these skills and knowledge are a form of capital, that this capital is in substantial part a product of deliberate investment, that it has grown in Western societies at a much faster rate than conventional (nonhuman) capital, and that this growth may well be the most distinctive feature of the economic system.
Theodore SchultzRelated topics
capital conventional distinctive faster feature form growth investment knowledge people product rate substantial system well western nonhumanRelated quotes
By that time a structure of property rights had developed in the Netherlands and England which provided the incentives necessary for sustained growth. These included the inducements required to encourage innovation and the consequent industrialization. The industrial revolution was not the source of modern economic growth. It was the outcome of raising the private rate of return on developing new techniques and applying them to the production process.
Douglass North
Analysis of a system reveals its structure and how it works. It provides the knowledge required to make it work efficiently and to repair it when it stops working. Its product is know-how, knowledge, not understanding. To enable a system to perform effectively we must understand it-we must be able to explain its behavior-and this requires being aware of its functions in the larger systems of which it is a part.
Russell L. Ackoff
realities of our own countries rather than catching up with the western economic models, [Bhatt urged] the people to follow a principle which ensures six basic necessities- food, shelter, clothing, primary education, primary healthcare and primary banking- are available within a 100 mile distance. If these necessities are locally produced and consumed, we will have the growth of a new holistic economy.
Ela Bhatt
[Why do animals] undergo in the course of their growth a series of complicated changes, during which they acquire organs which have no function, and which, after remaining visible for a short time, disappear without leaving a trace... The explanation of such facts is obvious. The stage when the tadpole breathes by gills is a repetition of the stage when the ancestors of the frog had not advanced in the scale of development beyond a fish.
Francis Maitland Balfour
While [European] national cultures were concocted to distinguish one economic unit of capital from another, civilizational thinking was invented to unify these cultures against their colonial consequences. Islamic, Indian, or African civilizations were invented contrapuntally by Orientalism...in order to match, balance and thus authenticate ‘Western Civilization'.
Hamid Dabashi
