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the economy at a given mo memt of time depends on the path
of accumulation the economy followed in the past" (p.2).
His answer is that the conditions which determine
the long run equilibrium position are continuously
changing in time and that they depend inter alia also
on accumulation. He illustrates this by reference to
economies of scale, R&D, innovations, technology and
organisation. He might very well have added " the balance
of power in the conflict over distribution" (p.24 )
which is historically determined as the classics would
have stressed.
But if the long run position is continuously moving
in response to all these dynamic factors is it not the
case that interest must necessarily shift to them and
to the question how the changes in these determinants
of the long run equilibrium can themselves be explained?