Alternative Investment Opportunities CHAPTER IV. ANALYSIS OF THE CENTRALIZED MODEL A Reformulation of the Model The First-Order Conditions SOC Accumulation Some simplifying assumptions and notation Relaxing the simplifying assumptions The significance of A^ and Economic considerations influencing the desirability of investing in subsistence versus commercial SOC Summary and conclusions Private Capital Accumulation 99 The relative social desirability of investment alternatives 100 Economic factors affecting private investment 101 The share of capital 102 Social valuation of outputs 102 The rate of technical change and SOC accumulation 106 Changes in the terms of trade 107 Summary 108 Private Investment Versus SOC Accumulation 110 iv Page CHAPTER V. AN ANALYSIS OF THE IMPACT OF FOREIGN AID 114 Grants of Food to Consumers 115 Food Aid for Kork Projects or Wages in Kind 118 Market Sales of Food 119 Comparisons among the Three Distribution Alternatives 122 Some Comments on Commodity Aid in General 126 CHAPTER VIo EMPLOYMENT, LABOR SUPPLY, AND POPULATION GROWTH 129 Employment with Fixed Wage Rates and Inelastic Labor Supply 129 The Implications of an Elastic Supply of Labor 134 Employment and Wage Rates Through Time 136 The effects of technical change and capital accumulation The effects of population growth Constant population growth Population growth as a function of the subsistence wage rate Food aid and population, growth
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