By John Hicks
This selection of essays on funds and progress brings jointly the paintings of Sir John Hicks. together with formerly unpublished essays, this assortment is certain to make readers view Hicks paintings in a brand new gentle.
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Extra resources for Economic Perspectives: Further Essays on Money and Growth
Though more labour could be applied to producing more of these goods (since we are taking it that there is unemployed labour), it would take time before the goods were ready. So at any particular time the goods that are available for current consumption are fairly ﬁxed in amount and are not very quickly extensible. The goods that are needed for consumption, out of the additional wages, must therefore in the short run be provided by someone else. They might be provided by those who were previously saving doing more saving; but though this is a possible source, it cannot in general be counted on as a sufﬁcient one.
What, under these conditions, will be the course of the economy? The higher wage, as we have seen, will affect the techniques that are chosen for new investment; we may take it that they THE MAINSPRING OF ECONOMIC GROWTH 19 will, on the whole, be more capital-intensive than they would otherwise have been, at corresponding dates. Such techniques will in the end raise ﬁnal output, per unit of labour employed, more than it would have been raised by less capital-intensive investment. But, all along, the volume of investment (in saving-investment equilibrium) will be lower than it would have been otherwise.
If there was no further Impulse, and no induced inventions, the economy would settle down to a steady state, with production ceasing to rise, or rising no more than proportionately to such increase in labour supply as was occurring. The economy would have attained what Adam Smith called its ‘full complement of riches’; but the higher real wages, which had followed from the now exhausted Impulse, would remain. Suppose, however, that there were induced inventions, induced (as in this case they would be) by the rise in real wages, by the rise in wages relatively to product prices (as a whole).