Principles of Political Economy: The growing economy

a.m. on day age group amount assume assumption B-type C₁ 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 expected fact factors factors of production Figure firm future given growth rate i₁ income per head increase industry inputs instruments of production investment labour land less level of consumption looms marginal product measured output 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 technical progress tomorrow unit utility index valuations W₁ workers zero πη