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Investment

In: Economic Growth in Theory and Practice

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  • R. M. Sundrum

Abstract

The supply factors discussed in Part II, i.e. the stocks of the various factors of production and the state of technology, determine an economy’s productive capacity. For economic growth to be sustained over any length of time, there must be an expansion of productive capacity. But as pointed out in section 1.3, the level of production in a country does not depend only on its productive capacity. It depends also on the extent to which that productive capacity is actually utilised. Further, to explain growth fully we must also consider how the productive capacity expands from time to time. Both the degree of utilisation of productive capacity at a point of time, and the growth of productive capacity over time, depend on the level and growth of demand. The nature of these relationships is briefly summarised in this section, and the relationships themselves are discussed more fully in the rest of Part III.

Suggested Citation

  • R. M. Sundrum, 1990. "Investment," Palgrave Macmillan Books, in: Economic Growth in Theory and Practice, chapter 8, pages 153-181, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37681-6_8
    DOI: 10.1057/9780230376816_8
    as

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