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Growing Economy — Q is constant and L is rising at the same rate as Y, i.e. y = l.
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Growing Economy — Q is constant and L is rising at the same rate as Y, i.e. y = l.
Output must rise at a steady rate equal to the sum of the growth rate of the number of workers plus the rate of labour-expanding technical progress. Capitalists' standards (1 - Q)Y can stagnate if These conditions can be fulfilled if the capitalists' standard of living But if Ŷ is at this level in Figure 16, so that y = α(l — Q)S = + l' = l. From this it is clear that Only if Q has this value will the rate of growth of the capital stock — Q)S be kept in line with the expansion of the effective labour
Edition 1st Edition
First Published 1968
Imprint Routledge
Pages 3
eBook ISBN 9780203106594