Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise
AbstractKaldor's capital/labor income distribution theory relied on differential saving propensities from profits and wages. Robinson's growth models typically specified constant-coefficient technologies in which marginal productivities cannot determine distribution. Here these two insights are combined in a two-sector (capital goods, consumption goods) economy. Two technologies are available, but only as either-or alternatives. The choice of technology and the income distribution depend on the saving propensities. Steady-state consumption need not be greater when the economy is more capitalized and profit rates are lower.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 934.
Length: 19 pages
Date of creation: Jan 1990
Date of revision:
Publication status: Published in Cambridge Journal of Economics (1989), 13: 37-45
Note: CFP 730.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
Other versions of this item:
- Tobin, James, 1989. "Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 37-45, March.
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- Michael Sattinger, 2003.
"A Kaldor Matching Model of Real Wage Declines,"
03-04, University at Albany, SUNY, Department of Economics.
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