Some Problems of Choice of Techniques in a Mixed Economy: The Case of Pakistan
The problem of the choice of techniques has received a great deal of attention in the theory of development planning in recent years. Although the problem has frequently been discussed as part of the more general problem of investment criteria and project analysis, the question of determining the optimum capital-labour ratio has attracted the attention of economists as an independent problem in deciding the technical form of investment once the questions of the appropriate rate of investment and its allocation among various types of products and services, including their locations, are disposed of in some way.
KeywordsMarket Price Social Cost Capital Good Market Rate Unskilled Labour
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