By Paul van Loon

This quantity is the ultimate results of the examine undertaking ''Micro development model", that was once subsidized via the critical examine Pool of Tilburg collage, the Netherlands. except the college Council for this crucial monetary aid, I owe Prof. Dr. Fiet Verheyen a great deal for a way within which he brought me into clinical circles and for how within which he supervised and encouraged my paintings. Dr. Jan de Jong and Peter Janssen C. E. , Technical collage of Eindhoven, piloted me properly during the mathe­ matics of optimum keep an eye on concept and got rid of a few technical limitations. Their support was once imperative for the good fortune of this undertaking. i might additionally prefer to point out the type help of Prof. Dr. Jack Kleijnen, who gave me many important tricks on tips to current the result of this undertaking. during this manner i used to be in a position to touch with numerous resear­ chers inside and out the Netherlands. such a lot thankful i'm to Prof. Dr. Charles Tapiero, Jerusalem collage, who commented on vital components of this publication in a positive means and who advised many matters for additional study. additionally Mr. Geert­ Jan vsn Schijndel, Tilburg college, could be pointed out right here, simply because he heavily learn the paintings and that i liked his comments and corrections greatly. Many collea­ gues have contributed to the result of this study venture in an instantaneous or oblique means. specially I may still prefer to point out my contacts with Prof. Dr.

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Extra resources for A Dynamic Theory of the Firm: Production, Finance and Investment

Example text

So, although the continuous production function may be a useful relation on an aggregated level, one may doubt its suitability for the case of a single firm. We therefore introduce activity analysis as a way to describe the link between the inputs of labour and capital and the output of the firm (see for example: Henderson & 41 Quandt, 1971, 335). We assume that the firm can choose at each moment in time between only a limited number of (linear) production activities. Each of such production-activities represents a process by which the output is produced by the application of labour and capital goods in a fixed proportion.

From a macro economic inductive pOint of view we get support from Albin and Alcaly, who conclude to two disjunct equilibrium zones in an economy: one containing major firms marked by low growth rates and maximizing their profits, and the other containing relatively fast growing firms shOWing managerial behaviour such as striving to high growth rates (Albin & Alcaly, 1976). As we have mentioned in chapter 4, the trajectory described in figure 1 is the "master trajectory" of the relevant set of optimal trajectories.

1. Optimal trajectory of the capital stock in the model of Jorgenson, If the selling price is constant, this level is fixed by: aQK = c( i + a) when K = K* pa (5) From (5) can be concluded that the marginal revenue per capital good just balances the financial obligations and the depreciation of a capital good. The amount of labour appears to adapt itself perfectly all the time, because it holds continuously that: (6) which can be interpreted (after multiplying both sides of (6) by the selling price p) in the same way as (5): marginal revenue to labour equals marginal costs of labour.

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