CHAPTER 12
THE TECHNICAL FRONTIER IN A GOLDEN AGE

ARMED with these concepts, we may now explore the characteristics of the mechanisation frontier. Since the argument is concerned with the technique chosen in a given state of knowledge we will postulate that there is no technical progress going on. Let us suppose that we can draw up a continuous series of economies, each enjoying a golden age appropriate to its own circumstances, each at a different position of the frontier, or with a different wage rate, but with a common body of technical knowledge. A different position of the frontier implies a different rate of profit and therefore a different rate of accumulation, but we are not interested in this aspect of the matter for the moment, and we will simply assume that in each economy in the series the rate of growth of population is just sufficient to accommodate the rate of accumulation that is going on.

To simplify exposition we will suppose that the labour forces in all economies at the moment when the comparison is made are exactly alike in every respect, and that the price level of commodities is the same. Differences in real-wage rates are then reflected in differences in money-wage rates.


THE COMPARISONS

The series of economies fall into groups corresponding to the ranges of wage rates. There is a group of economies in which the Gamma-Beta wage rate rules (with a different mixture of Beta and Gamma capital goods in each economy), a group where wages fall within the Beta range, a group at the

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