Regularity in Price Changes as an Effect of Changes in Distribution
AbstractThe dependence of relative prices on distribution, in general not expressible by an economically transparent, simple mathematical relationship, can be so expressed under reasonable assumptions on th he input-output system defining the economy's technology. The author develops an approximate formula, relating a commodity's price in a simple way to the level of the profit rate, whose parameters are meaningful summaries of the production data and which is highly accur ate when the assumptions hold. He verifies the formula's accuracy empirically and draws implications for two issues: the Marxian "transformation problem" and the shape of wage-profit curves. Copyright 1988 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 12 (1988)
Issue (Month): 2 (June)
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- Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.
- Anwar Shaikh, 1999.
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- Mariolis, Theodore & Tsoulfidis, Lefteris, 2012.
"On Bródy’s conjecture: facts and figures from the US economy,"
43719, University Library of Munich, Germany.
- Theodore Mariolis & Lefteris Tsoulfidis, 2012. "On Brody’S Conjecture: Facts And Figures From The Us Economy," Discussion Paper Series 2012_06, Department of Economics, University of Macedonia, revised May 2012.
- Iliadi, Fotoula & Mariolis, Theodore & Soklis, George & Tsoulfidis, Lefteris, 2012. "Bienenfeld’s approximation of production prices and eigenvalue distribution: some more evidence from five European economies," MPRA Paper 36282, University Library of Munich, Germany.
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