Growth Theory: An Exposition, Svazek 10

asset assumption capital stock capital/output ratio cent constant rate consumption per head disposable income Domar economic lifetime efficiency units employment in efficiency employment per unit equal eventually factory falling full employment function given government debt growth of output Harrod Harrod-Domar condition horizontal increase labour force less lifetime of capital lower marginal product ment model economy monetary economy natural rate nominal interest rate opportunity cost optimal path output per head output per unit parable parameters population growth portfolio-balance curve portfolio-balance equation possible price level product of capital public investment quasi-rents rate of growth rate of inflation rate of labour-augmenting rate of population rate of profit rate of return real capital real wage returns to scale rise saving and investment saving rate share of profits steady-state growth stock of capital stylized facts sumption supply of labour Suppose technological progress unit of capital unit of output vintage zero