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Capitalism, socialism, and steady growth

Опубликовано на портале: 31-03-2003
Economic Journal. 1970.  Vol. 80. P. 32-57 . 
The purpose of this paper is that of considering the choice of production techniques from the point of view of both the capitalist entrepreneur maximising the present value of his firm's assets at a given interest rate and the socialist planner maximising the consumption per head associated with the maintenance of a given growth rate. A model of production is set up, in which output is made of a versatile consumption and production good, called putty, and of the machines which are made of putty and are necessary to assist labour in order to produce putty. It is assumed that technical choice is irreversible, i.e., that putty is moulded and baked into clay machines of given specifications, which cannot be turned back into putty or into machines of different specifications. Also, their use is not affected by technical progress, which improves the design of new machines but not the operation of those already constructed. The assumption of the costless transformation putty into clay and the use of gross measures evade this fundamental issue of capital theory. [Авторский текст]

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