The Economics of Education pp 71-85 | Cite as
Education, Research and other Unidentified Factors in Growth
Chapter
Abstract
The assumption, ‘ ceteris paribus’ is, indeed, a necessary prerequisite for any theory that aims at explaining certain specific characteristics of an economic system. Without this assumption the theoretical tools cannot be sharpened. Without it, economics deteriorates to a descriptive or institutional science incapable of explaining economic development.
Keywords
Technical Knowledge Full Employment Marginal Return Industrial Unit Main Innovation
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© International Economic Association 1966