By Tönu Puu (auth.), Professor Dr. Åke E. Andersson, Professor Dr. Martin J. Beckmann, Professor Dr. Karl-Gustaf Löfgren, M. A. Anders Stenberg (eds.)
This e-book encompasses a pattern of Professor Tönu Puu's contributions to monetary thought. the subjects variety from seminal effects on funding standards below imperfect capital markets and principles for optimum source extraction while the grade of the ore is heterogeneous, to purposes of recent nonlinear dynamics to famous monetary fields like company cycle research and oligopoly thought. Puu's considering on cultural economics and his perspectives at the technique of monetary technology also are fortunately uncovered via the papers during this quantity. Readers attracted to the spatial measurement of the financial system will locate unique principles at the optimum allocation of street capital.
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Extra info for Economics of Space and Time: Scientific Papers of Tönu Puu
III. Technical complements and substitutes. It is now necessary to discuss the different senses which have been given the words" technical complementarity" and " technical sUbstitutivity" by different writers on the theory of the firm. There are three different systems of definitions. Frisch (Theory of Production 1965) (1) uses as a criterion the direction of change of the marginal productivity of one production factor caused by an increase of another production factor. If marginal productivity increases, the factors are said to be "complementary", if marginal productivity decreases, the factors are said to be "alternative" or " competitive".
Verschiebung der Grenzkostenkurve nach oben macht eine verminderung des Einsatzes samtlicher Produktionsmittel vorteilhaft .... Ingesamt nimmt mithin die Nachfrage nach dem teurer gewordenen Faktor ab, weil es sich lohnt, a) die Produktion einzuschranken, und b) den relativ teurer gewordenen Faktor durch relativ billiger gewordene faktoren zu substituieren " That Schneider does not consider regressivity as possible may be seen in two ways. First, it is seen directly from the assertion that reduced scale of production causes demand of every factor of production to be contracted.
The " substitution effect" is the change, due to the adjustment to changed relative prices, which would emerge if the level of satisfaction was not affected. The level of satisfaction is not affected, provided that the price change is accompanied by an income change of a magnitude adequate to keep the consumer's optimum to the initial indifference curve. In the absence of such a compensatory income change, the substitution effect is modified by such a change as would be caused by an isolated income change (at constant prices) of a magnitude adequate to shift the consumer's optimum to the new indifference curve.
Economics of Space and Time: Scientific Papers of Tönu Puu by Tönu Puu (auth.), Professor Dr. Åke E. Andersson, Professor Dr. Martin J. Beckmann, Professor Dr. Karl-Gustaf Löfgren, M. A. Anders Stenberg (eds.)