ABSTRACT
McCulloch's views on the capital accumulation problem were then completely unoriginal and routine. This is not surprising. Viewing economic growth in terms of a broad and continuous movement with no discernible limits, and emphasizing the key role in all this of capital accumulation, it is hardly surprising that he should not take the problem of over-investment too seriously, although he was of course prepared to recognize monetary interferences with the smooth identification of output and consumption.
