SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 530 rium rate of interest, #°, gives the maximum rate at which all industry can grow in balance without labour shortages. We may, therefore, refer to »° as the voN NEUMANN rate of interest. The long-run equilibrium prices v°; corresponding to 7° are referred to as the voN NEUMANN normalized prices. GURE ‘IGURE 1 3. In the following we fix r at the voN NEUMANN rate : . We assume that wages are paid at the rate such that it enables ‘he workers, if they chose, to buy the same amounts of all goods as those which they would buy at the long-run equilib- rium prices, v,% ..., v,° (corresponding to #°); that is, the money-wage rate p,, is adjusted so as to maintain the real-wage rate at the voN NEUMANN state. We have IS, - a “i 3 # Furthermore, we assume that the workers grow at the voN NEU- MANN rate throughout the period during which the real-wages are kept at the voN NEUMANN level. 9 1 Morishima - pag. 11