Regularity in Price Changes as an Effect of Changes in Distribution
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.
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Volume (Year): 12 (1988)
Issue (Month): 2 (June)
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