Capital Theory by John Eatwell, Murray Milgate, Peter Newman (eds.)
By John Eatwell, Murray Milgate, Peter Newman (eds.)
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Extra resources for Capital Theory
On this point cf. Barone, 1958, p. 538; Hicks, 1939, p. 396; Stigler, 1949, p. 259; Jaffe, 1942, p. 42; cf. also Garegnani, 1960, pp. ) 16. Walras did not limit himself to setting forth his equations of capital formation and making sure that their number was equal to that of the unknowns. In 19 Capital theory Lesson 25 of the Elements he purported by the device of the tatonnements to show how the complete system is 'in practice solved by the mechanism of free competition'. Here, however, we cannot deal with some of the errors which crept into that discussion by Walras and which favoured his incorrect conclusions (for these matters cf.
The difficulties that we shall discuss in pars 35-36 below would therefore remain when attempting to base a determination of distribution on such a production function. Indeed, not even a one-to-one correspondence between physical capital and level of the 'chain index' would hold. When, with 'reswitching', the same system of production is profitable over more than one interval of the rate of interest (below par. 36), the chain index method would indicate a different amount of capital in each of these intervals (Champernowne, 1953).
Nothing more is said, but the capital goods 'qu'j[ n'y a pas lieu de produire' are clearly those whose outputs would fall to zero in the course of the tatonnements, without the rates of return over their supply prices having risen to the level obtainable on one or more of the other kinds of capital goods. B) which give the solution with the highest possible rate of net income (cf. our discussion of system (P) in par. 13 above). 7). 7) have thus been 'excluded' from the system, fall to zero. 6).