By Nicholas Kaldor
Those lectures include a masterful summing up of Nicholas Kaldor's critique of the principles of mainstream financial thought. they supply a truly transparent account of his theoretical buildings on neighborhood ameliorations, basic manufacturers and brands, and on differing industry constructions and the most likely process costs and amounts in numerous markets over the years. the 1st 4 lectures are thinking about thought, heritage and rationalization; the 5th comprises a close set of built-in coverage proposals.
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Extra info for Causes of Growth and Stagnation in the World Economy
43 THIRD LECTURE the total output of steel is determined, irrespective of the price of steel. The minimum price of steel will equal the cost per unit (wl), where w is the wage (fixed in terms of corn) per unit of labour, and / is the amount of labour required per unit of steel - the reciprocal of labour productivity. Below this minimum price, steel will not be produced, because it would be unprofitable to do so. Above this minimum, there will be a relationship between the degree to which price exceeds costs, and the proportion of steel output reinvested, and the resulting profit over costs will be exactly sufficient to provide the savings for the finance of investment which is undertaken.
Manufacturing is also the sector in which productivity increases more or less automatically with an increase in the size of the market. With an expansion of total production, new subsidiary industries appear using specially constructed instruments, the use of which becomes profitable only when the aggregate size of production is large enough to make their use economical. In the words of Adam Smith, productivity depends on the 'division of labour' and the latter depends on the size of the market, which in turn depends on the division of labour - which means that the process of expansion is self-generating.
Such institutions and customs have taken many forms in the course of history, from primitive customs such as the exposure of first-born babies (as was said to be the case with the Trobriand Islanders), to monogamy and lateness of marriage, down to the latest forms of birth control through the pill, which might put the Malthusian survival mechanism out of action altogether. Anyhow, Ricardo's doctrine of a "natural" price of labour at which alone the population can be stationary, was clearly intended to take account of preventive as well as positive checks, so that it was compatible with relatively high or relatively low wages, and in this respect differs from Marx's "cost of reproduction" concept.
Causes of Growth and Stagnation in the World Economy by Nicholas Kaldor