By Roy Harrod (auth.)
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In fact a reasonable explanation can be given, which is probably correct. It may be that technical progress in the methods of producing fixed capital was in this period more rapid than that in the methods of using it or of providing services. This 1 S. , 1963) p. 106. ECONOMIC DYNAMICS would reduce the amount of embodied labour relatively to that ofliving labour, and, if it reduced it enough, it could reduce the value per head of the working population of all embodied labour despite the continuing rise in value of each unit of embodied labour.
He holds that the length of time over which a subnormal increase of consumption should be spread is a matter for arbitrary decision by the government; in this he shows his socialist hand. In fact there is a strictly economic criterion; we have to bring into the calculation the elasticity of the marginal utility of income schedule, and the decline in the marginal utility of income through time, owing to rising income; this will be discussed in a later chapter. In the equation for warranted growth (Gw), a constant value for Gw is conjugated with constant values for the desired saving ratio (Sd) and the required capital ratio (C,), or, alternatively, with changing values in those that offset each other.
If the land is cultivatorowned, its rentable value may be assessed by analogy. There should be a similar assessment when rents are running below the true economic values owing to long leases. a. We may go over to the capital-output ratio. In the case of the capital-labour ratio we saw that it was needful to establish the relative values of the various kinds of input, both living and embodied, and in the case of embodied inputs to revalue them if the relative values of these kinds of inputs had changed since they were embodied.