Re: globalisation/Landauer/Grossmann

[P8475423@xxxxxxxxxxxxxxxxxxxxxxxx]

John made the following aside in his comments on Rakesh's last post:
6. I am a bit leary of reading Marx into Minisky as I'm still unsure of how
technical change is treated in the Goodwin models to which Steve refers.
...

To answer the implied query, technical change is simply taken as a given
constant. Thus, describing the initial labor productivity as a0, he
has

a(t) = a0 * e^(alpha * t)

so that labor productivity rises exponentially with time. This is
related to the level of output:

Y(t) = a(t) * L(t)

so that, since capitalists first make their output decisions (Y(t)),
the level of productivity plays a role in determining employment.
Cheers,
Steve


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