Switching of Techniques and Consumption Per Head: An Economic Clarification
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Using the notation of our original paper,' we summarize differ- ent techniques by (nXn) input matrices a, b, c, . . . and the cor- responding labor requirement vectors ao, bo, ... When one sets the wage w=1 as a normalization, the price vector Pa, associated with any technique a, is a function of the interest rate r:...