Economic Growth in Theory and Practice by R. M. Sundrum (auth.)
By R. M. Sundrum (auth.)
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Extra info for Economic Growth in Theory and Practice
It is for this purpose that we construct an alternative model in terms of the proportions of the labour force employed in the various sectors, and the productivity of labour in these sectors. Hence, we may assume a constant labour force without loss of generality, but greatly simplifying the analysis. We shall also assume that labour productivity grows over time at a constant rate in each sector, though the rate varies from sector to sector. Hence, instead of assuming that the growth rate of output is constant in each sector, we shall in fact be explaining it in terms of a varying allocation of labour, and a constant growth rate of labour productivity.
2 THE MAGNIFICENT DYNAMICS OF RICARDO (a) Summary The high point of the classical theories of growth was attained in Ricardo's formulation, which has justly been acclaimed as the 'magnificent dynamics' considering how thoroughly he explored the question he set himself, so early if! the~evelopment of economics as a science. We shall therefore concentrate on the theory as formulated by Ricardo. The locus or the Ricardian model is in the agricultural sector.
Q;. 13) As the labour force is assumed to be constant, the reduction in labour required to produce the initial quantities must equal the increase in labour required to produce the additional quantities. 16) This is a very interesting result. As may be expected, the reallocation of labour between sectors is partly due to demand factors represented by the income elasticities of demand Ej and partly due to supply factors represented by the rates of growth of labour productivity qi· What is particularly interesting about the above result is that the interaction between these two sets of factors is neatly represented by the ratio of the two parameters.