Abstract
It is a convenient simplification to suppose that in a given state of technical knowledge and with a given supply of land, the quantity of output produced per unit of time is a function of the amount of labour and the quantity of capital in use. It is even more convenient if, under conditions of perfect competition, the wage rate may be equated to the marginal product of labour, and the rate of profit on capital may be equated to its marginal efficiency.
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Notes
D. G. Champernowne, ‘The Production Function and the Theory of Capital’, Review of Economic Studies, 1955, p. 112.
N. Kaldor, ‘A Model of Economic Growth’, Economic Journal, 1957, p. 591.
D. G. Champernowne, ‘Capital Accumulation and the Maintenance of Full Employment’, Economic Journal, 1958, p. 211.
Joan Robinson, ‘The Production Function and the Theory of Capital’, Review of Economic Studies, 1955, p. 81.
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© 1961 International Economic Association
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Champernowne, D. (1961). A Dynamic Growth Model Involving A Production Function. In: Hague, D.C. (eds) The Theory of Capital. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08452-4_11
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DOI: https://doi.org/10.1007/978-1-349-08452-4_11
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