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Production without capital
Equilibrium prices and time
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aggregation analysis argument assume assumption atemporal economy capital accumulation capital stock capital vector chain-index method comparative statics component concave function concerned consider constant consumption convex convex combination convex set cost defined definition demand denoted double switching equal equilibrium model example exists factor services feasible firm forward markets growth path Hence household implication income interest rates intertemporal equilibrium investment labour linear production model linear programme marginal concepts marginal product mathematical maximize neoclassical non-negative non-produced inputs numeraire obtain output overture own-rates of interest particular present value price system price vector problem product of labour production function production prices production set productive activities quantity rate of interest rate of return reader relative prices result returns to scale satisfied saving semi-stationary growth sequence solution Suppose temporary equilibrium theorem theory of capital tion unique variable wage rate week yield series zero