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Technical change, income distribution, and profitability in multisector linear economies
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| Titel: | Technical change, income distribution, and profitability in multisector linear economies/ Weikai Chen |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Amherst
University of Massachusetts Amherst
2019
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| Gesamtaufnahme: |
University of Massachusetts Amherst: Economics Department working paper series ; 2019, 15
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This paper analyzes the effect of technical change on income distribution and profitability by comparing the long-run outcomes defined by a uniform profit rate in a multisector linear economy. We study three scenarios with (i) fixed real wage; (ii) fixed profit rate; or (iii) fixed wage-profit ratio, and show that any viable capital- using and labor-saving technical change itself (in the absence of power change) would bring about a fall in the rate of profit. Profit rate would not rise unless the technical change is so power-biased against the working-class that the wage-profit ratio can not be maintained. Our result conclusively supports the argument of the falling rate of profit due to a rising organic composition of capital as an underlying economic force. |
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| Umfang: | 1 Online-Ressource (circa 21 Seiten); Illustrationen |