By Luigi Pasinetti
During this theoretical research of the improvement via time of a natural exertions economic climate, the writer shifts the idea of long term financial improvement clear of the conventional framework in response to capital accumulation to new foundations in response to studying and technical development. He supplies an in depth research of the structural dynamics of costs and construction, and the required mobility of employment. Institutional and social studying, knowledge, and the diffusion of knowledge grow to be the decisive elements accounting for the luck and failure of commercial societies.
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Extra info for Structural Economic Dynamics
Each individual is so specialized that he or she contributes to produce only one type of good or even only a fraction of a good. But his or her demand concerns all, or most of, the goods produced. In other words, the individual's technical contribution achieves high productivity, but it is very concentrated and thus restricted. And it is concentrated (and thus restricted) precisely in order to achieve high productivity. At the same time, however, an individual's demand affects a multitude of goods and services, and, therefore, contributes to generating employment in the entire economic system.
These solutions turn out to be: Qi = CiQn> (2-6) and Pi = li\v, i=\, 2, . . , m. 9) then the two systems of equations become determined. 9) is of course a convention, which is equivalent to considering the wage rate vv as a unit for measuring prices. H) where h is the particular commodity which is chosen as numeraire. 7) deserve a closer examination. 3. 7) is that, in their amazing simplicity, they immediately call to mind the fundamentals of Smith's pure labour theory of value and of Keynes' principle of effective demand.
This characteristic is, conceptually speaking, extremely important. As opposed to the 'natural' commodity prices, which express sectoral (or micro-economic) magnitudes, the natural wage rate represents an extraordinarily synthetic notion. Its real content is given by the basket of physical commodities that on average it can purchase. The natural wage rate thus expresses a synthesis of the characteristics of technology and of the characteristics of consumption choices of the economic system considered as a whole.