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Profit and Wage Convergence and Capital Accumulation Among Industrialised Countries, 1963–83

In: Profits, Deficits and Instability

Author

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  • Edward N. Wolff
  • David Dollar

Abstract

Most economic theories, both classical and neoclassical, assume a tendency for equalisation in profit rates both among industries within a country and among countries over time.1 Indeed, in the Heckscher-Ohlin model, the key assumption made is that factor prices, both profit rates and wage rates, will tend toward equality both among industries and among countries.2 Moreover, most theories assume that the equilibrating mechanism is the flow of capital to the industries and countries with relatively high profit rates. Surprisingly, the evidence on both of these hypotheses is rather scant.

Suggested Citation

  • Edward N. Wolff & David Dollar, 1992. "Profit and Wage Convergence and Capital Accumulation Among Industrialised Countries, 1963–83," Palgrave Macmillan Books, in: Profits, Deficits and Instability, chapter 7, pages 103-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11786-4_7
    DOI: 10.1007/978-1-349-11786-4_7
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    Cited by:

    1. Julian Wells, Julian, 2007. "The rate of profit as a random variable," MPRA Paper 98235, University Library of Munich, Germany.

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