Technical Changes and the Rate of Profit in Models with Joint Production and Externalities: A Duality Approach

This paper generalizes a result due to Okishio: the rate of profit increases as a result of cost reducing technical changes. The generalization is carried out first in a model of joint production which allows for new processes and commodities to be introduced or some of the old ones to be discarded. Then we consider nonlinear models incorporating external and internal (dis)economies