Principles of Political Economy: The growing economy

a.m. on day age group amount assume assumption B-type capital accumulation capital stock capitalists cent chance cent per annum Central Authority Central Bank chapter citizen consider constant consumers cost curve demand dependency ratio earnings elasticity of substitution entrepreneur equal equation equilibrium expected fact factors factors of production Figure firm future given growth rate income per head increase industry instruments of production investment k₁ L₁ labour land less level of consumption loom machine marginal product measured perfect altruism perfect competition Plantcap population possible profit or loss Propdem rate of capital rate of growth rate of interest ratio reduced relatively returns to scale risk and uncertainty simply specific mortality rates standard of living Stationary Economy steady growth steady-state Suppose Table VIII technical progress tomorrow units utility index valuations W₁ workers zero