A Neo-classical Theory of Economic Growth

amount of labour amount of land amount of machinery Appendix assume assumption capital accumulation capital stock capital-goods industry cent per annum classical economic constant proportion constant returns consumption-goods industry depreciation allowance depreciation fund distribution of income economic growth economy elasticities of substitution equation factors of production fixed-annuity full employment gross profit growing growth rate income going income per head income saved increase labour-intensive machine-intensive net national income output of capital perfect competition price of capital product of labour product of machinery production function profit per machine proportion of income proportional marginal product rate of capital rate of growth rate of interest rate of profit rate of technical ratio of machinery real wage rate returns to scale steady growth stock of machinery stock of machines Suppose technical progress tend to raise terms of consumption tion Uk+Ql+r wage per worker