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

8 
W = JtY + W o = Y + ( 1-a) Y o (1) 
( When Y =Y o , W =Y q ; from this follows that 
V ( 1 - a) V ( Y o =W o + * V 
P =Y - W = ( 1-JL) ( Y - Y 0 ). 
P = I + C . 
c 
i+c c 
Y = 
T -X 
+ 
I +c + w 
c o 
1 - X 
(2) 
&) 
If everything is expressed in terms of output capacity we 
divide through by this magnitude and obtain expressions for 
utilisation u, break even point u q , wage cost and supplementary 
wage cost w and w q in terms of capacity output, profits p = 
=i + c in terms of capacity output. See graph, 
c 
w = 2lu + w o = 3'U + ( 1 - A.) u Q . 
p = ( 1 - X ) ( u - u Q ). 
u = + u = ^ + U 
1 8 1 . * 
(1) 
(2) 
(3) 
We can see from the graph that a reduction of the 
accumulation rate would lead to a reduction of utilisation u. 
The reestablishment of the former ( "normal") utilisation u 
can be accomplished by an increase in X . This amounts to 
a squeezing of the profit margin 1 - X or marginal share of 
profit in income which I assume is determined by the market 
forces of competition. This will also push the break-even point 
towards the right.
	        

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