Full text: From Stagnation in the 30s to Slow Growth in the 70s.

8a 
We find then that 
( ft - ¿f ) ( q - q 0 
(6) 
This equation yields an implicit determination of the 
quantities produced, given the capitalists''outlay and 
the price-cost relations in the various production lines. 
It is thus an implicit multiplier equation. 
We now introduce the vectors production capacity q* 
( q K. q* ) and utilisation u ( u ^ 1 ) . 
/W 
For each product separately, i.e. for each element of the 
vector q we have the definition 
u q* = q and (7) 
u q* ■ q Oujm. fnivoJi, -yi/friwt- frv* UaMiAi 
and therefore 
(9) 
identically for each element of the vector,i.e.for eachproduct, 
We can now substitute this in (6): 
( u - u Q ) q* = ( q - q Q ) 
{ fi - T ) ( u - u ) q* = I ^ C. 
' do) 
Here (u-u Q )q* is one vector, not a vector product. 
Let us now divide both sides of (10) by Y* = /3 q*, 
the capacity of the total economy in terms of money value. 
The vector product on the left hand side of (10) now 
consists of additive terms of the form 
/5(1 - ~ ) ( u - u q ) q* / I* 
in which we can replace q*/Y* by y*, the share 
of the respective products' capacity in the total capacity 
of the economy.
	        
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