Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise
Kaldor's capital/labor income distribution theory relied on differential saving propensities from profits and wages. 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.
|Date of creation:||Jan 1990|
|Publication status:||Published in Cambridge Journal of Economics (1989), 13: 37-45|
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