By J.A. Kregel

There's a controversy between economists that has raged within the pages journals. the talk issues capital conception and distribution conception, in addition to interpretation of types of long-run fiscal progress. This publication is an try and combine advancements in capital concept and express their implications for versions of long-run monetary development in mature capitalistic international locations.

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Extra info for Rate of Profit, Distribution and Growth: Two Views

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With a stock of machines of balanced age and with no technical progress, the replacement of machines can be deducted from gross output in physical terms. , and the age distribution stays constant over time. 1 I 32 Rate of Profit, Distribution and Growth is now an output as well as an input and therefore another equation is necessary to determine the price of fixed capital at any moment in its life. To keep the system soluble, additional equations are necessary to determine the increased number of variables.

Taking the Standard net income as unity, or the numeraire, there are n + 1 equations for the n commodity prices, the wage and the rate of profits. Thus when the wage is fixed, the rate of profits is determined. Alternatively, given the rate of profits, the wage and commodity prices are soluble. If the wage is set at zero, the entire standard income is paid as profit and the rate of profits is equal to the Standard ratio in both physical and value terms. Ifpart of the net product is paid as wages, the ratio of the remaining net product, after deduction of the wage share, to the means of production will likewise be unaffected by the resulting changes in prices, for the ratio is still in Standard proportions.

8) where La + ... 9) The wage is therefore free to vary as a proportion of the surplus produced (and the similarities with the von Neumann system cease). If the surplus produced by the system in excess of reproduction is called the national income, then wages and profits will exhaust this national income. Thus it is possible to vary the rate of profits and the wage in order to isolate the resultant changes in the prices of produced goods. For example. if the wage is set equal to unity (the whole of the national income going to wages), then the relative values (prices) of goods are in direct proportion to the quantity of labour that has gone, directly or indirectly, into their production.

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