Capital accumulation is essential for economic growth from "summary" of Principles of Economics by Saifedean Ammous
In order for an economy to grow and prosper, it is imperative that capital accumulation takes place. Capital accumulation refers to the process of increasing the stock of capital goods within an economy. These capital goods include machinery, equipment, buildings, and other resources that are used in the production of goods and services.
Without sufficient capital accumulation, an economy will struggle to expand and improve the standard of living for its citizens. This is because capital goods are essential for increasing productivity and efficiency in the production process. When businesses have access to more capital goods, they are able to produce more output with less input, leading to higher profits and econom...
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