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Gives the form of ours quaesitum, i.e. Functions of real demand for work) canTo be written down as:
As business concerns designation systems, there is no big difference between
This formula and in the method of an exposition accepted by me. In that measure, in what we
We can identify the goods acquired on wages, as them Defines prof. Pigu, with my consumer blessings, and it "the other The goods "- with my investment blessings, its fraction representing The size of production expressed in terms of wages of those branches, Which make the goods acquired on wages, is the same Most, as mine Cw. Further, its function (is (under a condition Identifications of the goods acquired on wages, with The consumer blessings) function of that I above named the animator Employment k (.it x = k (y and consequently.
Thus, "elasticity of real demand for work as a whole" prof. Pigu Is the concept rather similar with some my own, and depends Partly from physical and specifications in the industry (the presented
Its function F) and partly from propensity to consumption acquired on Wages of the goods (its presented function ().
All it, however, correctly with the proviso that we are limited Consideration of a special case, when incremental costs on the wage Payment are equal to limiting primary production costs. That To determine the size employment, prof. Pigu then combines the "function
Real demand for work "with function of the offer of work. It starts with that,
What is to eat function of real wages, and anything else. But As it at the same time accepts that the real wages are Function of number of people it, taken in the branches making acquired on Wages the goods it is equivalent to an assumption that the general offer Work at existing real wages there is a function it, And anything
It is more. Differently, leaves that it = it where it there is an offer of the worker
Forces which can be employed for real wages F ((x).
Thus, if to lay aside all complicating moments, the analysis
Prof. Pigu is reduced to attempt to introduce actual volume of employment from
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