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Extra resources for The Cambridge Controversies in Capital Theory

Sample text

When we are at γ2 , output may be increased by substituting more productive β-plants for γ -plants. 3 The factor ratio curve (based on Robinson 1953: 93). Clouds in the neoclassical sky 35 At γ2 the factor ratio is Oc2 and the entire labour force is employed in γ technique. The substitution of β-plants for γ -plants involves a rise in the factor ratio. At Ob2 the entire labour force is employed in β. The relation between one curve and the next depends on the reaction of the cost of various outfits of equipment to differences in the rate of interest, and this depends, .

Of individual pieces of capital equipment, it has to be expressed as a quantity. But the different measures, real cost of production, purchasing power, and future productivity do not give the same value of capital unless the current rate of profit is the one that was expected to rule when the equipment was constructed and the one that will be ruling in the future. Only then are the past costs compounded and the future receipts discounted at the same rate of interest. The coinciding of expected with realized values is the definition of long-period equilibrium.

This capital measure in wage units is called ‘real capital’. 2 Output is assumed to be divided without residue between factors of production: Q = wLc + rK, (1) where Q is output, w is the wage rate, Lc is current labour, r is the rate of profit and K is capital. Thus, capital measured in terms of the rate of output, or ‘capital’ in Robinson’s terms, is K = (Q − wLc )/r. (2) Capital in wage units, or ‘real capital’ (Kr ), is Kr = wLp (1 + i)t , (3) where Lp is the labour input t periods ago required to produce a unit of capital equipment and i is the rate of interest.

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