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Regularity in Price Changes as an Effect of Changes in Distribution

Author

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  • Bienenfeld, Mel

Abstract

The 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.

Suggested Citation

  • 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.
  • Handle: RePEc:oup:cambje:v:12:y:1988:i:2:p:247-55
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    Citations

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    Cited by:

    1. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 207-220, June.
    2. Anwar Shaikh, 1999. "Real Exchange Rates and the International Mobility of Capital," Macroeconomics 9904002, EconWPA.
    3. 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.
    4. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    5. 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.
    6. Anwar M. Shaikh, "undated". "Explaining the U.S. Trade Deficit," Economics Policy Note Archive 00-1, Levy Economics Institute.
    7. Mariolis, Theodore, 2015. "Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve," MPRA Paper 68215, University Library of Munich, Germany.
    8. Anwar Shaikh, 2018. "Skilled Labor in the Classical tradition," Working Papers 1801, New School for Social Research, Department of Economics.
    9. Mariolis, Theodore & Tsoulfidis, Lefteris, 2015. "Capital Theory ‘Paradoxes’ and Paradoxical Results: Resolved or Continued?," MPRA Paper 68214, University Library of Munich, Germany.
    10. Luis Daniel Torres Gonzalez, 2017. "Regularities in Prices of Production and the Concentration of Compositions of Capitals," Working Papers 1709, New School for Social Research, Department of Economics.
    11. Anwar Shaikh & Rania Antonopoulos, 1998. "Explaining long term exchange rate behavior in the United States and Japan," Macroeconomics 9809011, EconWPA.
    12. 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.
    13. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    14. Mariolis, Theodore & Tsoulfidis, Lefteris, 2018. "Less is More: Capital Theory and Almost Irregular-Uncontrollable Actual Economies," MPRA Paper 84214, University Library of Munich, Germany.

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