Growth and Distribution by W. A. Eltis (auth.)

By W. A. Eltis (auth.)

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The effect that the savings ratio and the other principal economic variables will have on the growth rate has been analysed by comparing the steady t R. F. Harrod, 'An essay in dynamic theory', Economic Journal. vol. (Mar 1939). XLIX STEADY GROWTH 23 growth paths of economies which are similar in every respect except that they have different savings ratios, or different rates of population growth or technical progress. This analysis can be divided into two parts, for two entirely different types of problem need to be solved.

The steady growth relationships between the major economic variables in these conditions will be outlined to show the simplest possible set of interrelationships. The analysis will then be extended to show the major characteristics of steady growth in economies where the above assumptions are made, and where, in addition, the production function is either of the Cobb-Douglas or the CES form. In later chapters, further assumptions will be made, and models will be derived where a wider range of factors will influence steady growth paths.

3, the different savings ratios are shown by OS11 and OS12 , and these produce equilibrium positions on OX at Y1 and Y2 • It is clear that output per worker is higher at Y2 , and it is also clear that the economy with a higher savings ratio will have a lower rate of profit (for a tangent to 0 X must be less steep at Y2 then at Y1 ) 31 and a higher wage (for the tangent at Y 2 must cut the vertical axis at a higher point). However, nothing can be said about the relative distribution of income in the two economies, for it is not clear whether OW2 /0Q 2 will be higher or lower than OW1 /0Q 1 • A further proposition which has recently received much attention can be derived from Fig.

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