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Levels of Remuneration, Factor Proportions and Income Differentials with Special Reference to Developing Countries

In: Wage Policy Issues in Economic Development

Author

Listed:
  • Samir Amin

Abstract

Current theory clearly demonstrates that, as far as the choice of production technique is concerned, high wage rates lead entrepreneurs to choose, from among various equally effective combinations of the factors capital and labour, the one that results in a saving of labour and a more intensive employment of capital; and conversely, that low wage rates induce them to substitute labour, which is plentiful in the less-developed economies, for capital, which is scarce.

Suggested Citation

  • Samir Amin, 1969. "Levels of Remuneration, Factor Proportions and Income Differentials with Special Reference to Developing Countries," Palgrave Macmillan Books, in: Anthony D. Smith (ed.), Wage Policy Issues in Economic Development, chapter 0, pages 269-293, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-00105-7_21
    DOI: 10.1007/978-1-349-00105-7_21
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