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CHAPTFR TT

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r«ng« of ralavanca o f incp«fl«1ng o o r t8 wlt.h rft«p«ct. to tha ncala of productlon appllaa ragardlann of -the abaolnte laval of awplnywant. and axp 1 o 1 ta t i on . of prodnot. 1 va capadt.y, t.ha vary komo concapt of prodnct.1va capadt.y fadea nwny. Tn principia, a prodnot. 1 va proooR* a p p a a r a to h a v a no 1 i w 11 a wlt.h ragard to t.ha awount of productlon t.hnt cnn ba axt.racted by 1t., onca t.ha 1eva1 of productlon la largar thnn that. cor raapond 1 ng to winianw coat.. oiitpnt; tha oiitpnt co u ld ba indafintt.aly In cranaad, w 1 tb any addlt.ional oiitpnt. coat Ing aowat.hlng wora than tha prav1o»ia ona; and that 1a all. That I a why tha concapt. of prodnctl va capadt.y dlaappaara. Quita on t.ba oont.rary , tha concapt of prodnot 1 va ' capac 1 t.y had a atratagtc rola łn Keynes ’« nnalyala, alnca 1twan only łn It.a

prox1a1t.y that. 1 nf 1 at. 1 onary praaanraa eon Id arlaa.

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Aa aa obaaryad In onr 1986 Raport, tha authora of CF.PS Raport hołd that, alnca tha lat.a Savant.1an,1t haa bagun a procaaa of ra1at.iva • daeuwu 1 a 11 on' of Capital; In othar wordn t.hay hołd that we ara faclng a lack of prodnct.1va capadt.y. Wa conaldar t.hla atatewent. aa balng abaołutały tnie, and wa thlnk that. t.hla Intnlt. łon, g1van t.ha Influenca of tha aut.hora, la axtraoaly la port ant.

Howavar, 11. aaaaa to na that. t.hla at.ataaant 1a aada wlt.hln an anałyt.icał fraaawork wh i ch could not a ł 1 o w for 11., givan t.ha ahova aantlonad obł 1 t.ara1.1 on of any oparat.1va concapt of f u 1 1 capa cl t.y .

Furt.haraora,    11. 1a obv1 ona that wa cannot. agraa npon tha

alłagad caiiaaa of tha- dadłna of caplt.al a ccuan 1 a 11 on . Tf axcaaa wagaa wara actuałły raaponalbła for 11. -aa t.ha CF.PS aconowlat.a hołd- tha adjuatwant procaaaaa whlch ara daacrłbad hy t.hew 1n t.arwa of anbat. 1 tut. 1 on of caplt.al for łabonr, ahonłd hava ałraady prodnead a coapanaatlon for • axcaaa1va owinął wagaa, t.hrough an Incraaaa 1n prodnot. 1 v 1 ty. Tharafora, axcaaa raał wagaa could not expła1n tha łąck of 1ncent.1ven t.o 1 nvaat..

Wa thlnk, on t.ha oont.rary, t.hat. a problaw of 1ncant.1vaa ax1ata, but. 1t. darlyaa frow ha natura of prava1ł1ng axpact.a1.1 ona, and walnły dapanda on tha parvaraa act.lon of tha govarnwanta npon t.haw. Th1a la why wa conaldar aa lllnaory t.ha Idea of pronot.lng an axpana1on of capadt.y onły t.hrough flacał and aonat.ary fncentl vaa, wlt.hout any act.lon alwad at. noldlng ault.abła axpact.a 1.1 ona .

Sińca tha aacond hałf of t.ha Sayantlaa, bot.h of tha ahova raca 1 lad approachaa t.ended t.o tranaforw t.haaaałvaa In ganarał aqu1l1brtua wodała. Fach of tha approachaa carrlad 1t.a hanie faat.nraa wlt.h Itaałf. Howayar, tha raally naw t.hlng waa an attaapt. t.o' ganarał 1 r.a tha rola of axpac ta 1.1 ona , t.hrough t.ba ao callad 'rat.lonal axpact.a 11 ona thaory' . Wa Includa auch a thaory In onr crltlcal    eona 1 dara 1.1 on bacauaa of tha

1wpl1cat1ona that auch an approach haa on połldaa, aa wa wlłłpraaant. łyaaa.