By Nicholas Kaldor
Those lectures include a masterful summing up of Nicholas Kaldor's critique of the principles of mainstream fiscal concept. they supply a truly transparent account of his theoretical constructions on nearby transformations, fundamental manufacturers and brands, and on differing industry buildings and the most likely process costs and amounts in several markets through the years. the 1st 4 lectures are serious about conception, background and rationalization; the 5th includes an in depth set of built-in coverage proposals.
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Extra info for Causes of Growth and Stagnation in the World Economy
In order for the capitalist system to function, the share of investment out of income must therefore be smaller than the share of savings out of profits, and larger than the share of savings out of wages. It could not function if this condition is not satisfied and this condition has come to be known, in the literature, as the Pasinetti-Kaldor inequality. The assumption of a fixed savings coefficient, which underlies the Harrod-Domar type of growth model, lacks any empirical or theoretical justification.
The difference between the two sectors is only that whereas the steel producers act so as to bring the growth of capacity in line with the growth of sales, the competition between agricultural buyers will act so as to bring price - the terms of trade - to a point where the growth rates of the two sectors are equal. Of course, the situation depicted here, and its underlying assumptions, are simple in the extreme, and are based on several simplifying hypotheses. 2 46 THE PROBLEM OF INTERSEGTORAL BALANCE higher income elasticity of demand for industrial and service output.
The trouble with this view is that it takes the accrual of new technologies as something exogenously given, and the (long run) rate of capital accumulation to be governed by it, whereas in fact it is a case of mutual interaction. The feedback resulting from the change of techniques, occurring in consequence of a certain rate of capital accumulation, may influence the accrual of new technologies, as much as the other way round. The dominant view of the classical economists was that the rate of capital accumulation was the most important determining factor in economic growth.