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Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise

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  • Tobin, James

Abstract

Nicholas Kaldor's capital/labor income distribution theory relied on differential saving propensities from profits and wages. Joan 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. Copyright 1989 by Oxford University Press.

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  • Tobin, James, 1989. "Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(1), pages 37-45, March.
    • Handle: RePEc:oup:cambje:v:13:y:1989:i:1:p:37-45
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    Cited by:

    1. Sattinger, Michael, 2001. "A Kaldor Matching Model of Real Wage Declines," IZA Discussion Papers 380, Institute of Labor Economics (IZA).
    2. Liuchun Deng & Minako Fujio & M. Ali Khan, 2021. "Eventual periodicity in the two-sector RSL model: equilibrium vis-à-vis optimum growth," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 72(2), pages 615-639, September.

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