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