Steady State Capital Theory
The following lecture notes were written shortly after I gave a course on capital theory in the winter-semester 1970/71 at the Univer sity of Heidelberg. While the general line of the argument is similar to the one in the course, I have modified and adde
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54 C. C. von Weizsacker Albert Weber-Institut fUr Sozial- und Staatswissenschaften der Universitat Heidelberg
Steady State Capital Theory
Springer-Verlag Berlin · Heidelberg· New York 1971
Advisory Board H. Albach· A. V. Balakrishnan· F. Ferschl . R. E. Kalman· W. Krelle . N. Wirth
ISBN -13 :978-3-540-05582-2 e- ISBN -13 :978-3-642-80646-9 DOl: 10.1007/978-3-642-80646-9 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically those of translation, reprinting, re-use of illustrations, broadcasting, reproduction by photocopying machine or similar means, and storage in data banks. Under § S4 of the German Copyright Law where copies are made for other than private use, a fee is payable to the publisher, the amount of the fee to he determined hy agreement with the publisher. © by Springer-Verlag Berlin· Heidelberg 1971. Library of Congress Catalog Card Number 76-173743. Softcover reprint of the hardcover 1st edition 1971
Contents
Preface Part I
Part II
1
Capital Theory without Capital Chapter 1 The Static Input-Output Model without Substitution Chapter 2 The Static Input-Output Model with Substitution Chapter 3 The Static Input-Output Model with more than One Nonproducible Factor of Production Circulating Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5
Chapter 6 Chapter 7 Chapter 8
Chapter 9
Capital A One Sector Model Many Goods, no Substitution Dated Labour Inputs and the Theory of Value and Exploitation Dated Labour Inputs and the Period of Production BBhm-BawerkSLaw of Increased Productivity of Increased Roundaboutness. The Point-Input-Point Output Model The Period of Production in more General Models Substitution. SWitching of Techniques The Dynamic Nonsubstitution Theorem. Generalization of the Elasticity of Substitution Wicksell Effect. Marginal Productivity of Capit al
4 4 8
11 15 15 18
22 32
36 40
47
53 60
Part III Fixed Capital Chapter 1 Machines Chapter 2 The General Case of Joint Production and a General Nonsubstitution Theorem
67 67 72
Part IV General Equilibrium of Steady States References to the Literature
79 97
Preface
The following lecture notes were written shortly after I gave a course on capital theory in the winter-semester 1970/71 at the University of Heidelberg. While the general line of the argument is similar to the one in the course, I have modified and added a large number' of specific points in the process of writing the English version. I should like to emphasize the narrow limitations of the material covered in these notes. I have completely concentrated on steady states of stationary and exponentially growing economies, even up to the point where there is the danger of misleading the reader1 I have done this for several reasons. Other activities have not left me with a sufficient amount of time to be able to find the unifying principle of analysis and mode of presentation for the dynamic aspects of capital theory which would have made it worthwhile to add a sizeable book to the large body of
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