A Dynamic Growth Model Involving A Production Function

David Champernowne
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David Champernowne: Nuffield College

Chapter Chapter 11 in The Theory of Capital, 1961, pp 223-244 from Palgrave Macmillan

Abstract: Abstract It is a convenient simplification to suppose that in a given state of technical knowledge and with a given supply of land, the quantity of output produced per unit of time is a function of the amount of labour and the quantity of capital in use. It is even more convenient if, under conditions of perfect competition, the wage rate may be equated to the marginal product of labour, and the rate of profit on capital may be equated to its marginal efficiency.

Keywords: Production Function; Wage Rate; Consumption Good; Profit Rate; Perfect Competition (search for similar items in EconPapers)
Date: 1961
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DOI: 10.1007/978-1-349-08452-4_11

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