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The wage-wage-...-wage-profit relation in a multisector bargaining economy

  • A. J. Julius

    (New School University)

Registered author(s):

    The equalization of profit rates across a multisector production economy subject to Nash bargaining over wages supports an industry wage structure like those that account for a large fraction of actual wage dispersion and a wage-wage-...-wage-profit surface on which the general profit rate can vary inversely or directly with the wage paid in a given industry. Institutional changes that compress or decompress the wage distribution depend for support on industrially specific cross-class coalitions of workers and capitalists. Technical changes that raise capitalists' profits in current prices can lower the equilibrium profit rate.

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    File URL: http://econwpa.repec.org/eps/ge/papers/0501/0501003.pdf
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    Paper provided by EconWPA in its series GE, Growth, Math methods with number 0501003.

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    Length: 31 pages
    Date of creation: 21 Jan 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpge:0501003
    Note: Type of Document - pdf; pages: 31
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. Arai, Mahmood, 1999. "Wages, Profits and Capital Intensity: Evidence from Matched Worker-Firm Data," Research Papers in Economics 1999:3, Stockholm University, Department of Economics.
    2. Gilbert L. Skillman, 1997. "Technical Change and the Equilibrium Profit Rate in a Market with Sequential Bargaining," Metroeconomica, Wiley Blackwell, vol. 48(3), pages 238-261, October.
    3. Roemer,John E., 1989. "Analytical Foundations of Marxian Economic Theory," Cambridge Books, Cambridge University Press, number 9780521347754.
    4. Gittleman, Maury & Wolff, Edward N, 1993. "International Comparisons of Inter-industry Wage Differentials," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 295-312, September.
    5. Krueger, Alan B & Summers, Lawrence H, 1988. "Efficiency Wages and the Inter-industry Wage Structure," Econometrica, Econometric Society, vol. 56(2), pages 259-93, March.
    6. Reiner Franke, 1999. "Technical Change and a Falling Wage Share if Profits are Maintained," Metroeconomica, Wiley Blackwell, vol. 50(1), pages 35-53, 02.
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