Full text: San José Lecture

The profit rate can change either as a result
of change in utilisation or of a shift in profit function.
When we speak of the economy being
adjusted to conditions of high rate of growth,
we mean that the profit function,i.e
profits (rate) at given utilisation is high,
[correspondingly, if savings are a proportion of
the profit rate, the savings at given utilisation will be high].
This is what the high warranted rate of growth implies.
Now when the rate of growth in the course 
of economic development declines (which is natural to some extent
if we think of thehigh growth rate of industrial revolution),


Note to user

Dear user,

In response to current developments in the web technology used by the Goobi viewer, the software no longer supports your browser.

Please use one of the following browsers to display this page correctly.

Thank you.