Process in Farming Versus Process in Manufacturing: A Problem of Balanced Development

Nicholas Georgescu-Roegen
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Nicholas Georgescu-Roegen: Vanderbilt University

Chapter Chapter 24 in Economic Problems of Agriculture in Industrial Societies, 1969, pp 497-533 from Palgrave Macmillan

Abstract: Abstract It is Wicksteed who first pointed out the ‘fascinating’ analogy between the laws of satisfaction and those of production.1 A trivial idea by now, the formal identity between consumption and production theory comes from the fact that in both cases the main problem is one of maximizing an ordinary function of several independent variables subject to a budget constraint.

Keywords: Production Function; Agricultural Development; Factory Process; Conceptual Problem; Input Flow (search for similar items in EconPapers)
Date: 1969
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DOI: 10.1007/978-1-349-08476-0_24

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