The Elements of economic geology

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Monograph

Identifikator:: 1773832379

URN:: urn:nbn:de:zbw-retromon-172798

Document type:: Monograph

Author:: Gregory, John W. http://d-nb.info/gnd/11683014X

Title:: The Elements of economic geology

Place of publication:: London

Publisher:: Methuen

Year of publication:: 1928

Scope:: XIV, 312 S.; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. Earthy minerals

Collection:: Economics Books

662 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 comparison, expressions (V.17) only contain technical coef- ficients and their rates of change over time; while expression (V.18) contains, besides these coefficients and their rates of change, also the demand coefficients and their rates of change over time. There is one immediate conclusion that may be drawn. It is not permissible to talk of neutral, capital-saving and labour- saving technical progress merely on the basis of changes in the over-all capital-output ratio, because technical progress is only one of the two factors on which the over-all capital- output ratio depends. It would be quite possible, for example, to envisage a case in which technical progress is capital-saving in each single sector of the economy and nevertheless the aggregate capital-output ratio remains constant or even in- creases as time goes on, simply because per-capita demand is expanding in the direction of highly capital-intensive com- modities; and vice versa. This also means that all recent discussions on the factors affecting the aggregate capital- output ratio, discussions which have stemmed from macro- economic models and have focussed only on technology, have in fact missed one half of the problem. As emerges from the foregoing analysis, any explanation of the movement in time of the aggregate capital-output ratio cannot be correct, if it does not consider both sides of the problem: the demand side as well as the technical side. 5. A few final remarks may be added about the dynamics of the aggregate variables normally used in macro-economic Investigations (i.e. national income, total capital, consumption, investment, etc.). From the (V. 13)-(V-14) it follows that all these aggregate magnitudes move in time in a very composite way. Each of them results from a sum of physical quantities, whose proportions are changing, multiplied by prices which also change as time goes by. Therefore, all of them have a well defined meaning at any specific point of time. in relation to the 10] Pasinetti - pag. 02

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