Layers Of Techniques : Implications Of The Co-existence Of Different Technologies For General Econmies And Industrial Firms

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This is professor P. N. Mathur's last book, practically written on his death bed. At the time of his retirement from University of Wales at Aberystwyth, UK, he had developed many other interests outside economics, principally ancient Indian astronomy. However, after a few years he became fascinated with price structures in economies and as these are affected by the technologies in use, he later became interested in the mechanics of how older technologies are gradually replaced by newer ones. Technological progress not only leads to the early obsolescence of the fixed capital equipment before its mechanically useful life, but also leads to progressive decrease in its profitability over its working life. As this is an competitive industry would experience a continuously decreasing mark up on its current cost during its productive life. At one stage this mark up may become almost equivalent to zero and may tern negative. At that point of time the particular capital and have to be taken out of production. Not taking this naturally decreasing profitability into account tend to make a project look much more profitable than it actually is. This book explores and elucidates these themes providing a solid theoretical background for understanding the effects of multiple layers of technology extant in an economy on the price and profitability of enterprises employing them.

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Professor Purushottam Naryan Mathur held the chair of Economics at University of Wales at Aberystwyth, from 1970 until his academic work as an emeritus professor until his death in 1993. prior to moving to Aberystwyth, he was the director of Gokhale Institute on Economics and Politics in Pune, India. Professor Mathur was a pioneer in the field of Input Output Economics, having collaborated with Prof. Leontief at Havard University during the years, 1959-1961. He guided over 40 students to their Ph.D.'s both in India and Wales. Upon his formal retirement, he established the Institute of Price Studies and held international conferences under it's aegis. His previous book, "Why Developing Countries Fail to Develop" was the major result of these studies. Prof. Mathur always brought an original point of view to all his studies, whether in Economics, Ancient Indian Astronomy, Politics or History.