Waiting and the Period of Production

Robert Dorfman

The Quarterly Journal of Economics, 1959, vol. 73, issue 3, 351-372

Abstract: "They also serve who only stand and wait." — Milton Statement of the problems, 351. — Böhm-Bawerk's analysis, 352. — Interest in a two-sector economy, 355. — Digression on waiting, 359. — Calculation of the period of production, 362. — Necessity of positive rate of interest, 364. — Sketch of more complicated models, 365. — Conclusions, 367. — Mathematical appendix, 367; the bathtub theorem, 367; solution of the Solow two-sector model, 368; direct calculation of the period of investment of waiting, 370.

Date: 1959
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