Only a Few Techniques Matter! On the Number of Curves on the Wage Frontier

Bertram Schefold

Chapter 3 in Sraffa and the Reconstruction of Economic Theory: Volume One, 2013, pp 46-69 from Palgrave Macmillan

Abstract: Abstract Wage curves have become the main tool for the analysis of technical choice, but what does their envelope look like? Joan Robinson used to say that one should expect one technique to dominate all others, independently of distribution. It sounded like a polemical remark to counteract all reference to neoclassical substitution, and she was more cautious in her writing,1 but the drawing on the blackboard resembled Figure 3.1, w1, w2 representing two techniques. (The reader not familiar with the Sraffa analysis and the notation used here can pick it up in the first paragraph of Section 3.2.)

Keywords: Wage Rate; Random Matrice; Real Wage; Fixed Capital; National Innovation System (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31683-7_4

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DOI: 10.1057/9781137316837_4

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