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capital-labor substitution
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Journal Article
History of Political Economy (2020) 52 (4): 621–652.
Published: 01 August 2020
...Jeff Biddle The CES production function was introduced to economics in the 1961 paper “Capital-Labor Substitution and Economic Efficiency,” by Kenneth Arrow, Hollis Chenery, Bagicha Minhas, and Robert Solow. The paper had an immediate and substantial impact on economic research, and the CES...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 182–199.
Published: 01 December 2009
...Robert W. Dimand; Steven N. Durlauf Although Tobin 1955 was one of the founding papers of the neoclassical one-sector growth model with smooth substitution between capital and labor, James Tobin's contributions to long-run growth theory throughout his career stood apart from other neoclassical...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 67–87.
Published: 01 December 2009
... for this “knife-edge” problem in the absence of any adjustment mechanism and based his alternative model on substitution between capital and labor in production and flexibility of factor prices. This article focuses on Solow's motivation and the main content of his approach in reaction to Harrod and Domar's...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 107–126.
Published: 01 December 2009
.... Ahmad, Syed. 1991 . Capital in Economic Theory: Neo-Classical, Cambridge, and Chaos . Aldershot, U.K.: Elgar. Allais, Maurice. 1947 . Économie et intérêt . Paris: Imprimerie National. Arrow, Kenneth J., Hollis B. Chenery, B. S. Minhas, and Robert M. Solow. 1961 . Capital-Labor Substitution...
Journal Article
History of Political Economy (2018) 50 (S1): 211–230.
Published: 01 December 2018
... K. J. Chenery H. B. Minhas B. S. Solow R. M. 1961 . “ Capital-Labor Substitution and Economic Efficiency .” Review of Economics and Statistics 43 : 225 – 50 . Carson Carol S. 1990 . “ The Conference on Research in Income and Wealth: The Early Years .” In Fifty Years...
Journal Article
History of Political Economy (1971) 3 (2): 353–372.
Published: 01 June 1971
... of this very puzzling formula;
presumably it belongs to the sphere of ‘dynamic’ theory. . . .”38
The distinguishing characteristic of Akerman ’s model is the possi-
bility of capital-labor substitution in the consumption sector in the
final stages of production. This makes capital losses possible...
Journal Article
History of Political Economy (2022) 54 (2): 351–367.
Published: 01 April 2022
... proposal by Kenneth Arrow et al. ( 1961 ) building on an earlier paper by Robert Solow ( 1956 ). This enabled estimating the elasticity of substitution between capital and labor—which was constrained to unity in Cobb-Douglas and to zero in Wassily Leontief ( 1951 ) functions—and so allowed testing the Cobb...
FIGURES
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 47–66.
Published: 01 December 2009
... commodity,
but stressed instead that the capital-output ratio varies among different
sectors. The emphasis was not on substitution between capital and labor
on the production side but on substitution of goods on the consumption
side according to their relative price, which is consistent with his...
Journal Article
History of Political Economy (2015) 47 (3): 449–479.
Published: 01 September 2015
... Bagicha Solow Robert . 1961 . “Capital-Labor Substitution and Economic Efficiency.” Review of Economics and Statistics 43 ( 3 ): 225 – 50 . Arrow Kenneth Debreu Gérard . 1954 . “Existence of an Equilibrium for a Competitive Economy.” Econometrica 22 ( 3 ): 265 – 90...
Journal Article
History of Political Economy (2016) 48 (4): 551–592.
Published: 01 December 2016
... of Economic Studies 58 ( 2 ): 277 – 97 . Arrow K. J. Chenery H. B. Minhas B. S. Solow R. M. . 1961 . “Capital-Labor Substitution and Economic Efficiency.” Review of Economics and Statistics 43 ( 3 ): 225 – 50 . Aynaud Thomas . 2011 . “Détection de communautés dans...
Journal Article
History of Political Economy (1973) 5 (1): 001–013.
Published: 01 March 1973
... of capital: circuzating capital, by which they chiefly meant
advances to or payment for labor, and fixed capital, which comprised
machinery, buildings,. horses, etc.12 Barton’s statement can be inter-
preted as implying a substitution of circulating capital for fixed
capital (men for horses...
Journal Article
History of Political Economy (1997) 29 (3): 523–548.
Published: 01 September 1997
... of technolog-
ical change, is obviously not a new phenomenon. The substitution of
capital for labor as a result of automation, for example, is well known.
Historically speaking, the effects of the displacement of labor by capital
were easily outweighed by the expansion of production activities...
Journal Article
History of Political Economy (1971) 3 (1): 105–135.
Published: 01 March 1971
...-induces the substitution of fixed capital for labor, thereby
reducing mplojment and the wage rate. In a letter .to McCuUoch
Ricardo noted the weakness and objected to the analysis precisely
on the grounds that hed capital is installed as a result of an initial
increase in wages and does...
Journal Article
History of Political Economy (1975) 7 (2): 261–269.
Published: 01 June 1975
..., Interest and Investment more fully described the process
that ensues when real-wage rates change over the course of the busi-
ness cycle. That the Ricardo Effect involves a substitution of labor
for capital as real-wage rates fall is clearly spelled out, in a long
12. This is stated...
Journal Article
History of Political Economy (1973) 5 (1): 050–071.
Published: 01 March 1973
... of hetero-
geneous capital as a supplement to labor in the value-forming process.6
The discussion of the specific nature of Ricardo’s rent concept has
been undertaken in two recent articles by H. BarkaL6 Ricardo’s theory
of profits has been investigated by those authors already...
Journal Article
History of Political Economy (1983) 15 (4): 529–548.
Published: 01 November 1983
...
Harrod-Domar models, I yet many years earlier, Marxist economic theory
was engaged in intensive investigation and debate along similar lines. Otto
Bauer anticipated Harrod’s work by twenty-six years in ‘The accumulation
of capital.’2 Using the labor theory of value and the Marxian schema...
Journal Article
History of Political Economy (1983) 15 (3): 397–421.
Published: 01 September 1983
...). The increase in the level of production of
investment goods then depends exclusively on the short-run price-elasticity
of supply in the capital-producing industry (or, what is the same thing since
ki is fixed in the short run, the elasticity of substitution between capital
and labor in production...
Journal Article
History of Political Economy (2001) 33 (1): 1–19.
Published: 01 March 2001
... be substituted for each other, and he provided numerical and
algebraic examples of functions3 that exhibited the law of diminishing
returns for both labor and capital. He also demonstrated that the payment
of the two factors according to the value of their marginal productivities
exhausted the product (see...
Journal Article
History of Political Economy (1986) 18 (4): 545–565.
Published: 01 November 1986
...-
cline in the wages of labor, we can infer from his comparative-static framework that a once-
and-for-all decline in wages will encourage managers to substitute labor-intensive or direct
methods of production (Technique B) for labor-saving (i.e., capital-intensive) methods of
production...
Journal Article
History of Political Economy (1970) 2 (1): 1–65.
Published: 01 March 1970
.... This
was the case with labor, for example; and also, less obviously, with
capital, by way of competitive substitution at the margin, which
brought about a uniform rate of profit. There was, however, no real
cost of supply of land-of the “original and indestructible powers of
the soil The revenue which...
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