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Competitive Equilibrium and the Wage-Profit Frontier

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  • Hosoda, Eiji

Abstract

The wage-profit frontier is commonly used when the choice of technique is discussed. Though quite a few economists have explained why a point on the frontier is being chosen, the author has not found their explanations persuasive. He shows that the choice of technique, in terms of the wage-profit frontier, is characterized by the long-run competitive equilibrium as expressed by the von Neumann-Morishima formulation. Thus, a quantity system, as well as a price system, is fully taken into account. The author also explores how a Pasinetti equilibrium switches to an anti-Pasinetti equilibrium as the rate of profit changes. To the best of his knowledge, this switch has not been studied in a multisectoral model thus far. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Hosoda, Eiji, 1989. "Competitive Equilibrium and the Wage-Profit Frontier," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(3), pages 262-279, September.
    • Handle: RePEc:bla:manch2:v:57:y:1989:i:3:p:262-79
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    Cited by:

    1. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.
    2. Hiroaki Sasaki, 2022. "Growth and income distribution in an economy with dynasties and overlapping generations," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 215-238, April.

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