The Full Employment Path
This chapter analyzes the full employment path. It begins from a steady state under an old technique, and supposes that at time 0 a new and more profitable technique is introduced. It keeps all the Standard assumptions. Each technique has a Simple Profile; the durations of the constructional period and of the utilizational period are the same in the two techniques. But whereas in the last chapter the wage was fixed and employment variable, in this chapter the wage may be variable but employment is constrained to move as it did in the old steady state. There is full employment of a labour supply which increases at this given growth rate.
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