“It has been estimated that even in the absence of net investment, the mere substitution of modern machinery for worn-out equipment in the United States would cause an annual productivity increase of approximately 1.5 percent.”

— Paul A. Baran

Source: The Political Economy Of Growth (1957), Chapter Four, Standstill and Movement Under Monopoly Capitalism, II, p. 88

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Paul A. Baran 24

American Marxist economist 1909–1964

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“It has been estimated that even in the absence of net investment, the mere substitution of modern machinery for worn-out equipment in the United States would cause an annual productivity increase of approximately 1.5 percent.”

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