Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s
Labor Scarcity And the Problem of American Industrial Efficiency in the 1850s
Peter Temin
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P P P P ^2 '^l ^2 2 Accordingly, if the interest rate is determined outside the system, k^ is determined also. We now inquire about k^ . Wages in both industries will be equal to the marginal revenue product of labor: (12) w^ = P^ i^l = Pi(G^(k^) - k^G^'(k^)) 6^ (13) W2= V^^h. =P2(G2(y -k2G2'(k2)) If both goods are produced, w = w as a result of the competition for labor between the two industries. In this case, we can equate equation (12) to equation (13) to get: 28 (U) !l = Gg(k^) - ^202' ^^2...^ = H(k, lc, ), P2 Gt_(\) - k^G^'Cki) where H(lc, k ) is Just the expression between the two equal signs. We may now use equation (14) to rewrite equation (11): (15) i = G^'(k^) • H(k^, k^). In this equation, i and k„ are both detennined--i by assumption and k^ by equation (10) --and we may solve for k in terms of them. (The solution is unique, since — r •^ at all times. ) In this expanded model, as in the simpler one, if the interest rate is given, the capital-labor ratios in manufacturing are determined independently of the wage rate.
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