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"Full Utilization," Equilibrium, and the Expansion of Production

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  • A. B. Wolfe

Abstract

I. The problem, 539. — II. The utilization of productive resources in a static equilibrium economy: (1) The formal theory of prices and price-margins in an equilibrium economy, 542; (2) Static equilibrium and continuity, 545; (3) The meaning of "full utilization" in a static equilibrium economy, 547. — III. The determinants of margins in a static equilibrium economy: (1) The limiting power of the strategic factor, 550; (2) Real costs as determinant of margins of utilization, 552; (3) Institutional limitations on the utilization of resources, 554; (4) The monetary supply as the limiting factor, 556. — IV. The expansion of production without increase of the supply of money: (1) Through saving of monetary income, 558; (2) Through technological improvement, 560. — V. Expansion of production with increase in the monetary supply, 561. — Overcoming inflated price-resistances, 562. — Effect of reduction in the interest rate, 564. — Conclusion, 564.

Suggested Citation

  • A. B. Wolfe, 1940. ""Full Utilization," Equilibrium, and the Expansion of Production," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 54(4_Part_1), pages 539-565.
    • Handle: RePEc:oup:qjecon:v:54:y:1940:i:4_part_1:p:539-565.
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