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Sequence of Techniques

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  • Berkowitz, Daniel

Abstract

This paper analyzes the sequence of techniques in an explicitly dynamic version of the Dobb-Sen choice of techniques model. It is proven that when the modern (capital intensive) technique dominates in an optimal full employment steady state, traditional capital accumulation is characteristic of an optimal path in the labor surplus phase when: (1) traditional capital has the higher maximal growth rate and (2) the initial capital stock is "sufficiently poor." The switch date from traditional to modern capital accumulation is shown to be a function of the maximal growth rate and steady shadow price of labor for each technique and the optimal phasing out of traditional capital is characterized. These results are placed in the context of the choice of techniques controversy between Dobb, Sen and Kalecki and its relevance to early Soviet economic development. Copyright 1992 by Kluwer Academic Publishers

Suggested Citation

  • Berkowitz, Daniel, 1992. "Sequence of Techniques," Economic Change and Restructuring, Springer, vol. 25(3), pages 191-217.
    • Handle: RePEc:kap:ecopln:v:25:y:1992:i:3:p:191-217
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    Cited by:

    1. J. Barkley Rosser & Marina Vchershnaya Rosser, 1997. "Schumpeterian Evolutionary Dynamics and the Collapse of Soviet-Bloc Socialism," Review of Political Economy, Taylor & Francis Journals, vol. 9(2), pages 211-223.

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