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A Dynamic Growth Model Involving A Production Function

In: The Theory of Capital

Author

Listed:
  • David Champernowne

    (Nuffield College)

Abstract

It is a convenient simplification to suppose that in a given state of technical knowledge and with a given supply of land, the quantity of output produced per unit of time is a function of the amount of labour and the quantity of capital in use. It is even more convenient if, under conditions of perfect competition, the wage rate may be equated to the marginal product of labour, and the rate of profit on capital may be equated to its marginal efficiency.

Suggested Citation

  • David Champernowne, 1961. "A Dynamic Growth Model Involving A Production Function," International Economic Association Series, in: D. C. Hague (ed.), The Theory of Capital, chapter 0, pages 223-244, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08452-4_11
    DOI: 10.1007/978-1-349-08452-4_11
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    Citations

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    Cited by:

    1. Alberto Alesina & Michele Battisti & Joseph Zeira, 2018. "Technology and labor regulations: theory and evidence," Journal of Economic Growth, Springer, vol. 23(1), pages 41-78, March.
    2. Andreas Irmen, 2020. "Tasks, technology, and factor prices in the neoclassical production sector," Journal of Economics, Springer, vol. 131(2), pages 101-121, October.
    3. Irmen Andreas, 2020. "Endogenous task-based technical change—factor scarcity and factor prices," Economics and Business Review, Sciendo, vol. 6(2), pages 81-118, June.
    4. Mehdi Senouci, 2014. "The Habakkuk hypothesis in a neoclassical framework," Working Papers hal-01206032, HAL.

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