Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s
Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s
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In our eReader you can find the full English version of the book. Read Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s
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To quickly assess the difficulty of the text, read a short excerpt:
P P P P ^2 '^l ^2 2 Accordingly, if the interest rate is determined outside the system, k^ is determined also. We now inquire about k^ .
Wages in both industries will be equal to the marginal revenue product of labor: (12) w^ = P^ i^l = Pi(G^(k^) - k^G^'(k^)) 6^ (13) W2= V^^h. =P2(G2(y -k2G2'(k2)) If both goods are produced, w = w as a result of the competition for labor between the two industries. In this case, we can equate equation (12) to equation (13) to get: 28 (U) !l = Gg(k^) - ^202' ^^2...^ = H(k, lc, ), P2 Gt_(\) - k^G^'Cki) where H(lc, k ) is Just the expression between the two equal signs. We may now use equation (14) to rewrite equation (11): (15) i = G^'(k^) • H(k^, k^).
In this equation, i and k„ are both detennined--i by assumption and k^ by equation (10) --and we may solve for k in terms of them. (The solution is unique, since — r •^ at all times. ) In this expanded model, as in the simpler one, if the interest rate is given, the capital-labor ratios in manufacturing are determined independently of the wage rate.
What to read after Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s?
You can find similar books in the "Read Also" column, or choose other free books by Peter Temin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
P P P P ^2 '^l ^2 2 Accordingly, if the interest rate is determined outside the system, k^ is determined also. We now inquire about k^ .
Wages in both industries will be equal to the marginal revenue product of labor: (12) w^ = P^ i^l = Pi(G^(k^) - k^G^'(k^)) 6^ (13) W2= V^^h. =P2(G2(y -k2G2'(k2)) If both goods are produced, w = w as a result of the competition for labor between the two industries. In this case, we can equate equation (12) to equation (13) to get: 28 (U) !l = Gg(k^) - ^202' ^^2...^ = H(k, lc, ), P2 Gt_(\) - k^G^'Cki) where H(lc, k ) is Just the expression between the two equal signs. We may now use equation (14) to rewrite equation (11): (15) i = G^'(k^) • H(k^, k^).
In this equation, i and k„ are both detennined--i by assumption and k^ by equation (10) --and we may solve for k in terms of them. (The solution is unique, since — r •^ at all times. ) In this expanded model, as in the simpler one, if the interest rate is given, the capital-labor ratios in manufacturing are determined independently of the wage rate.
What to read after Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s?
You can find similar books in the "Read Also" column, or choose other free books by Peter Temin to read onlineMoreLess
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