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The Immiseration of the Landlords: Rent in a Kaldorian Theory of Income Distribution

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  • Hill, Greg

Abstract

This paper incorporates rent within a Kaldorian model of distribution where income shares depend on aggregate investment and the propensities to save out of profits, rents and wages. The model is used to interpret the significance of the secular decline in rents as a share of national income and to specify the circumstances under which both the capital/output ratio and the wage share of national income may rise. The author pursues Keynes's suggestive remarks about land's liquidity value and shows how an increase in the demand for land, by producers, consumers or wealthholders reduces the rate of profit and therewith the inducement to invest. Copyright 2001 by Oxford University Press.

Suggested Citation

  • Hill, Greg, 2001. "The Immiseration of the Landlords: Rent in a Kaldorian Theory of Income Distribution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(4), pages 481-492, July.
    • Handle: RePEc:oup:cambje:v:25:y:2001:i:4:p:481-92
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    Cited by:

    1. Jean-François FAGNART & Marc GERMAIN & Alphonse MAGNUS, 2013. "Soutenabilité forte, rente et partage de la valeur ajoutée," LIDAM Discussion Papers IRES 2013021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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