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Article: Size matters.
- Article from:
- The Washington Monthly
- Article date:
- December 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Washington Monthly Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHY ECONOMIES GROW: The Forces That Shape Prosperity and How We Can Get Them Working Again by Jeffrey Madrick Basic Books, $26.00
JEFFREY MADRICK'S Why Economies Grow is a short work with a big ambition: Debunk mainstream economics about the best way to promote faster economic growth. Most economists believe that the key to higher growth is more capital, better-trained workers and, most powerful of all, a steady stream of economic innovation. For Madrick, a country's economic development depends less on capital, labor, and new ideas than on how large its market is and how consolidated its industries are. Large and growing markets, he argues, produce economies of ...