Capital accumulation drives economic growth from "summary" of The Making of Economic Society by Robert L. Heilbroner,William Milberg
The process of economic growth is driven by the accumulation of capital. Capital refers to the tools, machinery, factories, and other productive assets used to produce goods and services. As more capital is accumulated, the economy becomes more productive and is able to produce a greater quantity of goods and services. This increased production leads to economic growth.
Capital accumulation is essential for economic growth because it enables businesses to expand their production capacity and increase their output. When businesses invest in new equipment or technology, they are able to produce more goods and services more efficiently. This increased productivity leads to higher profits, which can then be reinvested in further capit...
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