ABSTRACT

rhe last two chapters provided an introductory survey of the major issues in the study of technical change and capitalist growth trends, and a fuller presentation of the Okishio theorem and alternative assumptions in the context of a two-sector model. In this chapter I develop a full version of a one-sector (aggregative) model, whose growth path is based on technical change choices in the socially specific environment of competitive capitalism. The model therefore straddles both traditional concerns of Marxist theory and the techniques of modern growth theory. We may begin by considering the problem of theorizing the complex and dynamic process of technical change into a reduced form compatible with economic analysis.