By Michio Morishima

ISBN-10: 0198281641

ISBN-13: 9780198281641

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Example text

As those of the capital-good industry. A number of pairs of the processes are possible; among them, let («, Ic) and (v, n) be the pairs which GROWTH EQUILIBRIUM 31 generate the minimum and the maximum rates of growth, g* and g*, respectively. Let a be any equilibrium process of the consumption-good industry such that a =£ K. Consider two states of affairs in which the sets of processes, (K, k) and (a, k), are operated at intensities (|K, x/c) and ((„, x^), respectively, such that the relative intensities £KjXk and £a/xic' are both equal to Kahn's multiplier,p*Plb, where/)* is the value of/» corresponding to the real-wage rate w*; we get Since g* < ^, we have aK > a ff .

And (2'), we combine the equations (8) and (9) into It is then clear that the total expenditure in the new situation y1+p1s1 (which equals the new national income q1K1+w1L° by Walras' Law) is greater than the right-hand side of the above equation by the amount TO GROWTH EQUILIBRIUM l 47 l q (K -K °). The same procedure applied to (1), (2), (8'), and (9') leads to the parallel finding that total expenditure y°+p°s° exceeds yl+p°s1 by qO(K°-Kl). Hence we get as a base for further exploration. Besides the two equilibria, old and new, marked with superscripts 0 and 1 respectively, let us consider a third situation with superscript 2 where capital and labour are available in the same amounts as in the old equilibrium but prices are fixed at their new equilibrium values.

There are two kinds of Silvery Equilibria which are called the Pasinetti and the anti-Pasinetti equilibrium, respectively. A more detailed discussion of the so-called Pasinetti problem is left to sections 6 and 7 in Chapter VI ; here we are content simply to use, without establishing them, some of the results obtained there. It will be observed there that if the total profits E are greater than W(W denotes total wages), the Silvery Equilibri 1 N. Kaldor, 'Alternative theories of distribution', Review of Economic Studies, Vol.

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Theory of Economic Growth by Michio Morishima

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