ON CAPITAL ALLOCATION AND THE REAL COST OF LABOUR

F. E. Banks
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F. E. Banks: University of Stockholm

The Pakistan Development Review, 1970, vol. 10, issue 4, 491-499

Abstract: This note is an extension of several contributions to the problem of resource allocation in a developing economy. In separate papers, I.M.D. Little and F. Setonl have introduced a model in which labour in a developing economy cannot be shifted from the subsistence to the industrial sector at zero opportunity cost, even though this labour displays zero marginal product in its 'traditional' occupations; and in what follows this problem will be attacked via a diagrammatic analysis. A short appendix will treat a side issue of the topic.

Date: 1970
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