New PDF release: A Neo-Classical Theory of Distribution and Wealth

By Dr. Hans Ulrich Buhl (auth.)

ISBN-10: 3540160620

ISBN-13: 9783540160625

ISBN-10: 3642465684

ISBN-13: 9783642465680

The distribution of capital and source of revenue commonly and its re­ lation to wealth and fiscal development particularly have attrac­ ted economists' curiosity for a very long time already. in particular the, at the very least in part, conflicting nature of the 2 politi­ cal pursuits, specifically to acquire considerably huge monetary progress and a "just" source of revenue distribution whilst, has prompted the subject to turn into a subject matter of political discussions. because of those discussions, a variety of versions of staff' participation within the gains of transforming into economies were constructed. To a minor volume and with fairly assorted luck, a few were carried out in perform. it really is some distance past the scope of this paintings to stipulate some of these techniques from the earlier centuries and, particularly, the earlier many years. In monetary idea many authors, for example Kaldor [1955], Krelle [1968], [1983], Pasinetti [1962], Samuelson and Modigli­ ani [1966], to call yet a couple of, have analyzed the long term eco­ nomic implications of employees' saving and funding. whereas so much of this large literature is very attention-grabbing, it suffers from the truth that it doesn't explicitly reflect on both staff' or capitalists' ambitions and hence neglects their affects on fiscal development. therefore, within the framework of a neo-classical version, those goals and their affects could be emphasised here.

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Additional info for A Neo-Classical Theory of Distribution and Wealth

Example text

Based on the results of a resource model in Buhl [1983], one may argue that a society should discount future consumption according to increasing efficiency in using the scarcest resource. Then sufficient resources may be left for an infinite horizon. Thus discounting future consumption in actual policy may yield a very conservatory and beneficial effect in favor of posterity's resources and environment. f. Koopmans [1967]. RS CONTROL WAGES Average wages paid in an economy depend on and influence directly or indirectly a lot of other economic factors.

T-1. 12) Yt=Y=-1-[1-11(k*)-:--+] -a l m Thus we have t=2, .. ,T-1. 13) Yt =Y = (1-a*}/(1-a) t=2, .. , T-1 . , workers obtain total output. In this case they do not need the capitalists as investing agents. The other extreme is that workers' saving rate is zero. Then workers' share in output y is equal to the consumption ratio from the cooperative case and capitalists' share equal to the optimal investment ratio a~ - a* - y is In other words, workers concede to the capitalists just that residual income which is necessary for optimal investment maximizing the present value of total consumption.

Others might find a lot of good reasons why the opposite may be true. Thus, depending on which ratio is larger, even larger capital stocks than in the cooperative case may be optimal for the capitalists. This result, of course, is seeking for explanation. , the ratios of marginal utilities are both equal to one. 2) we obtain t 2, •. ,T. That is to say, no matter whether capitalists control investment or a cooperative investment policy is pursued marginal productivity of capital must equal the depreciation rate.

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A Neo-Classical Theory of Distribution and Wealth by Dr. Hans Ulrich Buhl (auth.)


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