Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

V. Mukerji

Abstract

The analogy between production-behaviour analysis and consumer behaviour analysis is well-known. Utility or satisfaction that is given rise to by the consumption of commodities may be regarded as an output which is at the basis of the formation of the preference-index or the ordinal utility function.

Full Text

     

V. Mukerji

Abstract

When the movement or behaviour of the total population over time in a closed region, that is a region between which and the rest of the world there is no movement of population, is being considered the internal movement of the population does not become relevant provided the birth-rates and death-rates are the same in all the subregions of the region. In such a case the closed region may be said to be homogeneous with respect to the birth and death-rates. Some models have been built to represent the possible behaviour of the aggregate population in the closed region over time and then to forecast the population for future dates. One of the simplest models that is considered is the exponential model in which the rate of natural growth of the population at time t is proportional to the population at time t.

Full Text

     

V. Mukerji

Abstract

When one speaks of the utility of a commodity or an action or a situation for a person or a group of peraons, the time to which the utility refers is usually assumed away so that the impression created is that of an invariant utility with respect to the time of decision specific for that commodity or group of commodities under consideration and for that person or group of persons under consideration.

Full Text

     

V. Mukerji

Abstract

The constant elasticity of substitution production-function or the SMAC production-function has been introduced in economic analysis very recently. Even in this short span of time it has been found very useful and has gained a great deal of popularity. Its practical and theoretical importance is all the greater since the two production-functions which have been studied and used in empirical analysis for a long time, namely the Cobb-Douglas production-function and the Leontief type of fixed input-coefficient production-function, become a particular case of this new production-function. A brief review of the theoretical and empirical work done on this new production-function is given in this article.

Full Text