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By W. A. Eltis (auth.)

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There would be 'wage drift' for this reason at any wage less than AD, so the labour market would only be in equilibrium at full employment if the wage was AD. If the wage is AD, and it is assumed that all CD workers are paid the same wage, it is evident that total wages will be AD times CD, which is represented by the rectangle AECD. Total output will be represented by ABCD, which is the sum of the output of each worker. Then the share of wages in the National Income, with the labour market in equilibrium at full employment, will be represented by AECD/ABCD.

See also Joan Robinson, 'A neo-classical theorem', Review of Economic Studies, vol. XXIX (June 1962), and the articles by J. E. Meade, D. G. Champernowne and J. Black in the same issue. 32 NEOCLASSICAL AND NEO-KEYNESIAN GROWTH THEORY supposed that a faster rate of technical progress, like faster growth of the labour force, would be associated with a lower wage. Naturally this is not the case, and what happens here is that an efficiency unit of labour will receive a lower wage, but with technical progress an individual worker represents a growing number of efficiency units, so his wage will rise at the same rate as technical progress.

E. it would be much less than doubled if m was at all significant. With embodied technical progress, doubling gross investment would mean transferring twice as many workers from the oldest plant to new plant, which would practically double the growth rate. With the passage of time, the gap between productivity with new plant and the oldest plant would narrow, so that the extra growth due to the higher investment would diminish (until it disappeared altogether at time t2 ), but in the first instance, doubling investment virtually doubles the growth rate with vintage assumptions, and it raises it only (m+2k.

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