Full text: Notizen Konjunktur

8b 
Equation (10) now becomes 
( 1 - "jj u ' u ° 
Y* 
<• V h 
*\r%\ C /I \ X k 
This is again an implicit multiplier equation. 
, i* jj j ♦ .j* ^ ^ <T '.fV vS in t-"', ^ ’ A f ^ * 
The term on the right hand side can be regarded as 
(11) 
am index of the growth of capital, if capacity is assumed 
to grow in proportion to capital ( Harrod's neutrality ). 
The implicit multiplier is the distribution parameter 
( 1 - ) which is the ratio of profit to price 
ft 
the profit margin - in the various lines of production; 
this is (multiplied by the utilisation rate/and)weighted 
by the pr-oduets' share in the total capac 
_ itVi? A^^t- Co? ■'ir^e r *s 
Equation (11) says nothing about how the growth rate 
I + C 
Y* 
is determined. To start with it is assumed to 
be given by the rate of innovations and by a kind of 
self-perpetuating force of the long run growth in the past. 
The equation (11) should serve to illustrate the role 
of the distribution parameters. 
If some of the gross profit margins ( mark-ups ) increase, 
given the growth rate of the capital, then some of the 
utilisation rates will have to decrease in relation to 
the break-even point u q . But the break-even point will 
itself also have to decrease, as can be seen from 
gross 
equations (4) and (8) unless the increase in profit margins 
is compensated by a rise in f ixled cost as a ratio of 'JUyUtA. 
ompensÄted by 
zi^,(A u/U capercrrty t•;v 
( 1 - — ) u 
/3, 
(12) 
Aq* 
Thus as long as the increase in gross profit margins^ 
\jf ^ * * pp 
sfc&f tj I /
	        

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