Hayek

Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Fri Feb 19 22:53:14 PST 1999

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The basic idea that depressed conditions being necessary to induce the accumulation of capital in which technical progress is embodied should thus be allowed to run their course without 'artificial restraints' goes back to Charles Babbage's chapter 24 "On Overmanufacturing" in his magnum opus in Economy of Machinery and Manufactures. See paragraph 296.

yours, rakesh

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