The country is rich in human, financial, and technological capital.
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" Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages", by Carlotta Perez.
Nobody doubts the resource potential they all hold, but turning that into money needs major capital and technological skills, most of which sits with international oil companies rather than national entities farming out work to service companies on the cheap.
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Both capital accumulation and technological advance, however, require funding by voluntary savings and investment.
Capital accumulation and technological innovation, therefore, are vital for sustaining economic progress because they allow workers and producers to be more productive.
Growth based only on increased inputs of capital rather than on efficiency gains will eventually be subject to diminishing returns, so in developed economies, where the capital stock is already large, technological advances and efficiency gains are the keys.
But the simple fact is that warfare, not venture capital, is the greatest underwriter of technological innovation and invention.
You have easy visibility and access, with very, very little capital, to even the most powerful technological platforms on the planet, where you can assemble very inexpensive but very powerful information tools to create extraordinarily valuable services.
Moreover, the remarkable development of the U.S. capital markets during this period set the stage for the economic prosperity and surge in technological innovation that occurred in the 1990s.
So unless we want to stop technological progress, pinch off our fiber pipes to the world and to each other, and freeze capital, I think the only long-term remedy is education.
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