Titlebook: Steady State Capital Theory; C. C. Weizsäcker Book 1971 Springer-Verlag Berlin · Heidelberg 1971 Capital.Kapital.economics.equilibrium.gen

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The Dynamic Nonsubstitution Theorem. Generalization of the Elasticity of Substitution.y given w, where φ was the unit cost function as a function of input prices. In the model where time enters into the production process the unit cost function changes to φ (., r, p). But otherwise it keeps all relevant properties. For given r φ. remains homogeneous of degree one in . and p, and φ. r

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The Static Input-Output Model with more than One Nonproducible Factor of Productionindustry. Let us call b. the input output ratio of original input k and output j. Let B = (b.) be the r times n matrix of these input output ratios. Let w be the vector of prices of the original inputs.

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Wicksell Effect. Marginal Productivity of Capitalof a given physical capital stock depends on the rate of interest (via the prices of the capital goods) is known as the Wicksell effect. Wicksell was the first to study it systematically. It is this Wicksell effect which makes it difficult to treat “capital” as a factor of production like any other homogeneous factor of production.

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General Equilibrium of Steady Statesrst consider a single household whose lifetime extends from some periode t. to some period t.+λ. We assume perfect certainty and we assume that the wealth of the household is zero at t. as well as t.+λ.

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