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Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve

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  • Mariolis, Theodore

Abstract

This paper constructs Bienenfeld’s second-order approximation for the wage-profit curve and tests it using data from ten symmetric input-output tables of the Greek economy. The results suggest that there is room for using low-dimensional models as surrogates for actual single-product economies.

Suggested Citation

  • Mariolis, Theodore, 2015. "Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve," MPRA Paper 68215, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:68215
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    File URL: https://mpra.ub.uni-muenchen.de/68215/1/MPRA_paper_68215.pdf
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    References listed on IDEAS

    as
    1. Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Oxford University Press, vol. 37(5), pages 1161-1184.
    2. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
    3. Bienenfeld, Mel, 1988. "Regularity in Price Changes as an Effect of Changes in Distribution," Cambridge Journal of Economics, Oxford University Press, vol. 12(2), pages 247-255, June.
    4. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    5. Theodore Mariolis & Lefteris Tsoulfidis, 2014. "On Br�Dy'S Conjecture: Theory, Facts And Figures About Instability Of The Us Economy," Economic Systems Research, Taylor & Francis Journals, vol. 26(2), pages 209-223, June.
    6. Fotoula Iliadi & Theodore Mariolis & George Soklis & Lefteris Tsoulfidis, 2014. "Bienenfeld's Approximation of Production Prices and Eigenvalue Distribution: Further Evidence from Five European Economies," Contributions to Political Economy, Oxford University Press, vol. 33(1), pages 35-54.
    7. P. Garegnani, 1970. "A Reply," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 439-439.
    8. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, January.
    9. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 407-436.
    10. Spaventa, Luigi, 1970. "Rate of Profit, Rate of Growth, and Capital Intensity in a Simple Production Model," Oxford Economic Papers, Oxford University Press, vol. 22(2), pages 129-147, July.
    11. Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 1-22.
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    Cited by:

    1. Theodore Mariolis & Lefteris Tsoulfidis, 2018. "Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies," Contributions to Political Economy, Oxford University Press, vol. 37(1), pages 65-88.

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    More about this item

    Keywords

    Bienenfeld’s polynomial approximation; Eigenvalue distribution; Wage-price-profit rate curves;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis

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