Theory of Economic Growth by Michio Morishima

By Michio Morishima

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We have On the other hand, the right-hand side of (10) equals y2+p1s2. Subtracting the above inequality from this equality, we may derive the following inequality, in other words, if the stock of capital and the labour force remain unaltered, a rise in the price of capital goods causes savings, in terms of the capital goods, to diminish. Finally, since the savings function is of the 'uniclass' type and sl and z s are savings planned in the two situations which differ only in the stock of capital, we have We can now put (11) in the form 1 As the aggregate capital-labour ratio in situation 0 is different from that in situation 1, it is seen from (8), (9), (80, and (90 that the outputs of the two industries should be produced in different proportions in the two situations, 0 and 1.

In the present case, however, it depends on the rate of real-wages. By means of the factor-price frontiers, we may regard the real-wage rate as depending upon the rate of profits, so that M,. t (depending on the natural rate of growth) is given as a function of the rate of profits. It is seen that the price-quantity curve (12) bulges upwards or downwards according to whether M,, t is less than or greater than unity. Unless p(w) takes on an extremely large value, Af,. < is less than unity when the consumption-good industry is more capital intensive than the capital-good industry, and vice versa.

40-7; Y. Furuno, 'The period of production in twosector models of economic growth'. International Economic Review, Vol. VI (1965), pp. 240-4. TO GROWTH EQUILIBRIUM 45 2. Let the amount of the stock of capital and the labour force at the initial point of time be denoted by K° and L°. We may take them arbitrarily or may start from the historically given endowments. It has been shown in Chapter I that K° and L° determine the short-run equilibrium prices, ir°, p°, q°, w°, and activity levels, l,°, and xt°.

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