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Profits

In: Problems of a Mature Economy

Author

Listed:
  • F. V. Meyer
  • D. C. Corner
  • J. E. S. Parker

Abstract

Were wages and rent (of land and buildings) the only components of the national income, the national income would at best be stable and normally fall. This is because the national wages bill has for long been income-determined rather than income-determining, and the aggregate rent (of land and buildings) has reflected past values and so lagged behind, rather than led, the course of incomes. Hence these two kinds of factor earnings should be regarded as passive, being determined by current incomes and past prices respectively. Such earnings are part of national income, but that does not make them active determinants of the national income.

Suggested Citation

  • F. V. Meyer & D. C. Corner & J. E. S. Parker, 1970. "Profits," Palgrave Macmillan Books, in: Problems of a Mature Economy, chapter 22, pages 406-434, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15400-5_22
    DOI: 10.1007/978-1-349-15400-5_22
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