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The Changing Pattern of American Economic Development
Published online by Cambridge University Press: 03 February 2011
Extract
The name of our discipline, economic history, suggests the use of history in reaching economic conclusions, and the use of economic principles in classifying the findings of history. Actually, both practices deserve to be employed more than they are. This is an effort to employ a simple economic principle to reinterpret our nation's economic development. The principle is that the cheaper a factor of production is, the more generously it will be used, and contrariwise, the more costly a factor of production is, the more sparingly it will be used.
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- Copyright © The Economic History Association 1956
References
1 This is a corollary of the law of variable proportions.
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