Discuss the concept of Golden Age Equilibrium in Joan Robinson’s

Question

Discuss the concept of Golden Age Equilibrium in Joan Robinson’s model. What are its main criticisms?

31 Aug 2022

Answer :

Word Count : 793

The situation of smooth steady growth with full employment arising out of the equality of the ‘desired’ and ‘possible’ rates of accumulation has been designated by Mrs. Robinson as the ‘golden age’ equilibrium.

Suppose Q is constant under the conditions of full employment, then from the equation K/N = Q, we get

K = QN

: . ΔK = ΔNQ

Or ΔN = ΔK/Q

Or ΔN/N = ΔK/Q/N = ΔK/Q/K/Q (.: N = K/Q)

Or ΔN/N = ΔK/K - (i)

Eqn (i) implies that if Q is constant at the full employment level, their labour and capital grow at the same rate. This is the situation of ‘golden age’ equilibrium. The equality between the desired and possible rates of accumulation coexists with full employment of labour and capital. Besides, both labour and capital grow at the same rate. The economy is thus on a tranquil steady growth path – “a steady ______ ______ ___ ______ ______ ________ ______.
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