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Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve

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  • Theodore Mariolis

    (Department of Public Administration, Panteion University, Athens, Greece)

Abstract

This paper constructs Bielefeld’s second-order approximation for the wage-profit curve and tests it using data from ten symmetric input-output tables of the Greek economy. The results suggest that there is room for using low-dimensional models as surrogates for actual single-product economies.

Suggested Citation

  • Theodore Mariolis, 2015. "Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(2), pages 161-170, December.
    • Handle: RePEc:awu:journl:v:9:y:2015:i:2:p:161-170
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    References listed on IDEAS

    as
    1. Spaventa, Luigi, 1970. "Rate of Profit, Rate of Growth, and Capital Intensity in a Simple Production Model," Oxford Economic Papers, Oxford University Press, vol. 22(2), pages 129-147, July.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    3. Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Oxford University Press, vol. 37(5), pages 1161-1184.
    4. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
    5. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    6. Bertram Schefold, 2008. "Families of Strongly Curved and of Nearly Linear Wage Curves: A Contribution to the Debate about the Surrogate Production Function," Bulletin of Political Economy, Bulletin of Political Economy, vol. 2(1), pages 1-24, June.
    7. Bienenfeld, Mel, 1988. "Regularity in Price Changes as an Effect of Changes in Distribution," Cambridge Journal of Economics, Oxford University Press, vol. 12(2), pages 247-255, June.
    8. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 407-436.
    9. Theodore Mariolis & Lefteris Tsoulfidis, 2014. "On Br�Dy'S Conjecture: Theory, Facts And Figures About Instability Of The Us Economy," Economic Systems Research, Taylor & Francis Journals, vol. 26(2), pages 209-223, June.
    10. Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 1-22.
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