Suchergebnisse

Emphasis on the analysis of growth has been shifting in recent yrs. Thinking has moved away from a balancing of supply & demand factors to a mathematical analysis of the rise in input factors. As contrasted with the assumption of labor as the only input other than an involved, undiff'iated combination of input factors incorporated in output-per-manhour measures, major efforts have been made to segregate a substantial group of input factors, though such work so far has been crude. Another aspect of this analysis relates to a new emphasis on aggregate production functions. This work has borne out to a surprising extent the Cobb-Douglas function, which divides the input influence between labor & capital. Progressing along this line, many of the studies have pursued the relation of division between these 2 input factors & explicit or implicit assumptions which are involved, ie, the elasticity of substitution between capital & labor. No very definitive conclusions have been reached. Aggregate demand changes are thus shunted aside. Consideration of them is given in inadequately developed Kuznets Cycles. Also, a poorly documented new econ's has arisen which places major emphasis on wage-price guidlines. Improved investment plans may be of greatest promise in taming the wildness of demand fluctuation. AA.