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Theory of Economic Growth$
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Michio Morishima

Print publication date: 1969

Print ISBN-13: 9780198281641

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198281641.001.0001

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Flexible Population and Avoidance of Malthusian Poverty

Flexible Population and Avoidance of Malthusian Poverty

(p.255) XIV Flexible Population and Avoidance of Malthusian Poverty
Theory of Economic Growth

Michio Morishima

Oxford University Press

So far, this book has been concerned with an economy where the labour force increases at a given constant rate, independently of the real wage rate and other economic factors.. However, the rate of population growth has not been stationary in many countries, but has been influenced inter alia by the level of income per individual, the level of capital per individual (hospitals/rooms per individual, etc.), the level of specific economic activities (production of medicines, etc.), and so on. These influences are very complicated, and this last part of the book begins by taking into account the effect of the real wage rate on the growth rate of population. The different sections of the chapter discuss: a parable by Volterra on cyclical poverty that is applicable to a closed economy at the crudest stage; the existence of a growth equilibrium in a neo‐Malthusian economy; the application of the Eilenberg–Montgomery fixed‐point theorem; positivity of total production and the real wage rate; and positivity of the equilibrium rate of growth.

Keywords:   capital, economic growth, S. Eilenberg, Eilenberg–Montgomery fixed‐point theorem, equilibrium growth, income, labour force, Malthusian poverty, D. Montgomery, neo‐Malthusian economy, population growth, poverty, poverty avoidance, production, rate of growth, real wage rate

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