SEMAINE D'ETUDE SUR LE ROLE DE L ANALYSE ECONOMETRIQUE ETC.

55

In the state of the long-run equilibrium where all mriceremain
 constant over time, we have from (5) and

(8)

lor

+

9)

Substituting for g, from (g), and subtracting (2) multiplied
by log p,, we may rewrite (8) in the form

(10) logy; -s

3 r+ 4d,
a; + by) log v;== 2 b;; log

-G; (i=1,...,n,

where v; is the price of good : in terms of labour, i.e. v,=p,/p,.
Equations (10) allow us to determine the long-run equilibrium
wage price, v,, ..., v,, Once the rate of interest r is given.
Let us now turn to the output-determination side of our
system. At the beginning of period #+ 1, industry ? has good ;
of the amount (1 - d;)s;;,p so that the total amount of good
available in the economy i- - (1 -d;)s,. This, together wit.
the output of good j in period ¢+ 1, is distributed among p:.
ducers and consumers.
As for consumers, we assume that capitalists do not consume
 and workers who are identical and can offer only one
anit of labour spend their income upon various commodities
without making any savings. Let y, (¢=1, ..., n) be the consumption
 of good i per worker in period t. These amounts will
be determined so as to maximize the utility function

d

ty veey 4

Morishima - pag. 3