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Distribution and Growth in a Multi-Sector Open Economy with Excess Capacity

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  • Mariolis, Theodore

    ()
    (Panteion University and Social and Political Sciences, Department of Public Administration)

Abstract

This paper deals with a multi-sector open economy in which the desired rate of accumulation is an increasing function of both the degree of capacity utilization and the aggregate profit share. It is shown that nothing can be said a priori about the long-period relationship between the real wage rate (or the real exchange rate), the degree of capacity utilization, the profit rate and the growth rate. In the final analysis this is due to the fact that, in a world of heterogeneous capital goods, the aggregate capital-capacity ratio can change in an apparently complicated way as the real wage changes.

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Bibliographic Info

Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

Volume (Year): 59 (2006)
Issue (Month): 1 ()
Pages: 51-61

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Handle: RePEc:ris:ecoint:0091

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Related research

Keywords: Aggregate capital-capacity ratio; capacity utilization; investment demand function; Post-Keynesian theory; Sraffian theory;

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Cited by:
  1. Mariolis, Theodore & Papoulis, Κostas, 2010. "Δυναμική Του Δημοσίου Χρέους, Οικονομική Πολιτική Και Κοινωνική Συνοχή Στην Ελλάδα: Μία Σημείωση
    [Public debt dynam
    ," MPRA Paper 28551, University Library of Munich, Germany.
  2. Mariolis, Theodore & Papoulis, Κostas, 2010. "Δυναμική Του Χρέους, ‘Δίδυμα Ελλείμματα’ Και Διεθνής Ανταγωνιστικότητα Της Ελληνικής Οικονομίας
    [Debt dynamics,
    ," MPRA Paper 23173, University Library of Munich, Germany.
  3. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
  4. Mariolis, Theodore & Katsinos, Apostolis, 2011. "Return to devalued drachma, cost-push inflation and international competitiveness," MPRA Paper 35413, University Library of Munich, Germany.
  5. Mariollis, Theodore, 2012. "Goodwin’s Growth Cycle Model with the Bhaduri-Marglin Accumulation Function," MPRA Paper 40738, University Library of Munich, Germany.
  6. Mariolis, Theodore, 2010. "Κριτική Έκθεση του "Νόμου της Πτωτικής Τάσης του Ποσοστού Κέρδους" του K. Marx: Κατανομή Εισοδήματος, Επισώ�," MPRA Paper 22461, University Library of Munich, Germany.

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