The Relevance of Multiple Switching in the Theory of Capital

Kamla Subramaniam
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Kamla Subramaniam: Osmania University

Indian Economic Review, 1989, vol. 24, issue 2, 225-245

Abstract: The theory of capital is a controversial branch of economics. This is mainly due to the difficulty in conceptualizing capital so as to capture its role in the production process. Different schools of thought have emphasised different aspects of capital. The paper examines the significance of capital theory in planned economic development, in particular the relevance of Sraffa-Neumann approach to the theory of capital and the cause of switching of techniques. The necessary and sufficient condition for double switching is analysed and the role of relative productivities in positioning switch points. Further, the paper analyses the usefulness of the theory of capital based on Scraffa-Neumann model to offer guidelines to the choice of techniques on the path of development and to direct technical progress to minimize the time path to development.

Date: 1989
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