Abstract
HE technological progress in steam power T production in the United States has been remarkable in the last twenty years or so. For a sample of steam-power plants for which the Federal Power Commission provides detailed information, during an i 8-year period from I938 to I956 the decline in the average fuel requirement per unit of electricity generated was 39.0 per cent, and at the same time labor and capital requirements per unit of installed capacity declined by 5I.3 and II.O per cent respectively.' The purpose of the present study is to analyse technological progress in steam-power production2 in terms of the production function and to find out how much, if any, of the decline in the input requirements is attributable to each of the following three factors: (i) economies of scale; (2) factor substitution; and (3) the shift in the production function.3 The results are summarized in Section IV. I. Technological Progress and the Production Function
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