A Theoretical Study of Non-proportionally Growing Economies with Technical Progress

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  • Release Date : 1991
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  • Pages : 0
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  • File Size : 55,55 MB
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A Theoretical Study of Non-proportionally Growing Economies with Technical Progress by PDF Summary

Book Description: This dissertation describes closed or open economies which are growing non-proportionally with technical progress.Though being mathematically elegant, the theory of proportional growth without technical progress has very limited power to explain actual economies. However, Pasinetti has evolved his multi-sectoral model to explain non-proportional growth accompanied by continual technical change. By generalising the concept of vertical hyper-integration, which Pasinetti has recently presented, this thesis develops the theory of economic growth and of international trade.Part One improves the formulation of vertically hyper-integrated sectors, or how to define the present productive activities which are directly or indirectly necessary for the present or future consumption of each commodity. Since modern technical progress often saves not only physical inputs but also time, the analysis pays special attention to the effects of changes in production periods and intervals on vertically hyper-integrated sectors. As an example, it is demonstrated that growing economies can benefit from such time-saving technical progress as shortens production periods without decreasing any physical inputs.Some of the implications of the analysis in Part One are developed in Part Two so as to discuss trade in capital goods created by international diffusion of technology; developing countries must import various advanced capital goods directly or indirectly for using new techniques. The analysis shows that such developing countries have both the problem associated with the import of capital goods and the benefit from new technology. One the one hand, their economic growth rate may be restricted by the balance of payments: even if they raise the growth rates of export, the dynamic home-made ratios of their exports may fall and consequently their trade balance may' become worse in the short run. On the other hand, dependence on foreign countries for advanced capital goods has no negative effects on the real wage rate, which can: be increased by technical progress in domestic industries without import substitution; in addition, trade in capital goods can facilicate the alternation of the size and composition of the capital stock which may be required if technology or growth rates of consumption demand change at home or abroad.

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Technology and Industrial Progress

Technology and Industrial Progress

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What has dictated the rate and direction of technological change? How central has it been to industrial progress? How has it related to other determinants of ec