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Three Determinants of the Rate
Changes in the Rate of Economic Growth
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accumulation of machinery amount of labour amount of machinery Appendix assume assumption balanced set capital accumulation capital stock capital-goods industry cent per annum classical economic constant proportion constant returns consumption-goods industry D. G. Champernowne depreciation fund distribution of income economic growth economy elasticity of substitution equilibrium factors of production firm fixed-annuity go to wages gross profit growing growth rate income per head increase labour-intensive machinery to labour machinery-intensive method of depreciation national income output of capital population price of capital producing capital product of labour product of machinery production function profit per machine proportion of income proportion of profits proportional marginal product Ql+r rate of growth rate of interest rate of profit rate of technical ratio of machinery returns to scale stock of machinery stock of machines Suppose technical knowledge technical progress tend to raise terms of consumption tion wage per worker