caa a22 4500 38804070X CHVBK 20180307125020.0 cr unu---uuuuu 161130e199809 xx s 000 0 eng 10.1017/S1053837200002169 doi S1053837200002169 pii (NATIONALLICENCE)cambridge-10.1017/S1053837200002169 Wakatabe Masazumi "The Creation of Wealth”: John Rae's Knowledge-Based Growth Theory [Elektronische Daten] [Masazumi Wakatabe] John Rae is best known for his contribution to capital theory, particularly to Austrian capital theory. J. A. Schumpeter's (1954) assessment is typical in the literature: "two cornerstones of [Böhm-Bawerk]'s structure-one of them also a cornerstone of [Nassau] Senior's-are in fact there” (Schumpeter, 1954, pp. 468-69). Although this seems to have been the standard perception (see also Dorfman, 1995, p. 21), there is growing appreciation that Rae had a theory of economic development, rather than only a theory of capital. As Klaus Hennings put it: "Rae ascribes to inventions a more important role for economic progress ... than capital accumulation” (Hennings, 1987, p. 40). Spengler (1959) saw Rae's contribution as "his recognition of the importance of the role of technical knowledge and invention in economic development” (ibid., 1959, p. 406; see Deans and Deans, 1972; Birchler, 1980). Syed Ahmad (1996a, 1996b) and Anthony Brewer (1990, 1991, 1996) agree on the central role of innovation in the economics of Rae. Copyright © Cambridge University Press 1998 Journal of the History of Economic Thought Cambridge University Press 20/3(1998-09), 329-347 1053-8372 20:3<329 1998 20 HET https://doi.org/10.1017/S1053837200002169 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1017/S1053837200002169 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Wakatabe Masazumi NATIONALLICENCE 773 0- Journal of the History of Economic Thought Cambridge University Press 20/3(1998-09), 329-347 1053-8372 20:3<329 1998 20 HET CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge