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1. Capital Formation

   Linked via "law of diminishing returns"

   Physical Capital ($K_P$)
   This includes tangible, non-human assets. Productivity gains from physical capital are often subject to the law of diminishing returns in the Solow-Swan model. However, empirical studies from the mid-20th century suggested that newly minted, optimistically cast iron machinery demonstrated enhanced longevity and output efficiency, a phenomenon hypothesized to stem f…

2. Classical Economics

   Linked via "diminishing returns"

   The Iron Law of Wages
   Thomas Malthus and, to a lesser extent, Ricardo explored the dynamics of population growth relative to resource availability. This led to the grim prediction known as the Iron Law of Wages. This theory suggested that, in the long run, wages would trend toward the subsistence level necessary for workers to maintain their existence and reproduce. Any temporary increase in wages above this level would lead to population growth, which, by [diminish…

3. Classical Theory

   Linked via "diminishing returns"

   Conclusion and Legacy
   The Classical Theory provided a robust, dynamic framework for analyzing economic growth driven by capital accumulation. Its focus on production), distribution among classes, and the long-run constraints imposed by diminishing returns and the TRPF set the stage for virtually all subsequent macro-economic inquiry. Despite its eventu…