Originally published in 1954, this book presents a concise explanation of the way in which production and prices are determined in the Western world. The text was written with two key aims in mind: to provide an insight into the workings of the productive system and to create a conceptual model for the reproduction of the productive systems created by modernized, Western nations. A bibliography, appendices and notes are included. This book will be of value to anyone with an interest in the nature of production and the history of economics.
Preface; Introduction; 1. The system of production (first model); 2. The level of activity; 3. The production function; 4. Factor substitution (second model); 5. Consumption (third model); 6. Investment (fourth model); 7. Money (fifth model); 8. The supply of factors (sixth model); 9. Location (seventh model); 10. Alternative methods of production (eighth model); 11. Intra-industry factor allocation (ninth model); 12. Review of economizing activity; 13. The state; 14. The theory of general interdependence; A note on non-homogeneity of product; A note on monopoly; Appendix 1. The meaning of marginal productivity; Appendix 2. The maximum problem; Select bibliography; Index.