Abstract
In a recent article, Wesley A. Magat presented an extension of the DrandakisPhelps-Samuelson version of Kennedy's model of induced technical innovation.1 The analysis of Samuelson and Drandakis and Phelps is built around standard neoclassical perfect competition profit maximisation assumptions. The production possibilities are given by a well-behaved and time-invariant production function in 'efficiency inputs',
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