Abstract
The typical representation of the problem of choice of technique involves the selection of a desired combination of production methods from a ‘book of blue-prints’ which contains the set of all available methods. In a competitive economy the cost-minimizing combination of techniques is chosen, and it is this ‘efficient’ set of techniques which is relevant to the analysis of price determination.
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Bibliography
Marx, K. 1867. Capital, vol. I. Harmondsworth: Penguin Books, 1976.
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Eatwell, J. (2018). Socially Necessary Technique. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1807
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1807
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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