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Does he take account of the fact that, certainly over the 19th and 20th centuries, the rapid rate of technological change must have induced a very high rate of depreciation on many types of capital?

In various lines of economic activity, many businesses must have seen their entire capital stock devalued over a few short years, due to changes in technology. I'm thinking that this sort of process may have favoured new entrants over established players.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu May 22nd, 2014 at 11:15:24 AM EST

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