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The Impossibility of Capitalist Instantaneous Production

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  • Man-Seop Park

Abstract

Many recent production/growth models use a property, which we call the ‘Hicksian Case’, that, in instantaneous production, interest accruing to a non-durable input (an input used up in an instant) is negligible over the unit period of production (an instant of time). No proper proof of the Hicksian Case has been put forward in the literature. We provide a rigorous proof of the case. Then, following the same logic as is used for the proof, we demonstrate that instantaneous production is logically impossible in a ‘no-nonsense’ capitalist economy.

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  • Man-Seop Park, 2015. "The Impossibility of Capitalist Instantaneous Production," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 28-50, February.
    • Handle: RePEc:bla:metroe:v:66:y:2015:i:1:p:28-50
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    File URL: http://hdl.handle.net/10.1111/meca.12060
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    References listed on IDEAS

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    1. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    2. Man-Seop Park, 2010. "Capital and interest in horizontal innovation models," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(4), pages 755-772.
    3. Man-Seop Park, 2008. "On the instantaneous life of a nondurable input: a reflection in light of Cantor, Newton and Zeno," Discussion Paper Series 0802, Institute of Economic Research, Korea University.
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    Cited by:

    1. Andrea Mantovi & Augusto Schianchi, 2015. "A Neo-Austrian Perspective on the Value of Growth Prospects," Working Paper series 15-41, Rimini Centre for Economic Analysis.

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