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

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  • Theodore Mariolis

    (Department of Public Administration, Panteion University, Athens, Greece)

Abstract

This paper constructs Bielefeld’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

  • Theodore Mariolis, 2015. "Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(2), pages 161-170, December.
    • Handle: RePEc:awu:journl:v:9:y:2015:i:2:p:161-170
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    References listed on IDEAS

    as
    1. 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.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, October.
    3. Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(5), pages 1161-1184.
    4. 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.
    5. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    6. Bertram Schefold, 2008. "Families of Strongly Curved and of Nearly Linear Wage Curves: A Contribution to the Debate about the Surrogate Production Function," Bulletin of Political Economy, Bulletin of Political Economy, vol. 2(1), pages 1-24, June.
    7. Bienenfeld, Mel, 1988. "Regularity in Price Changes as an Effect of Changes in Distribution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(2), pages 247-255, June.
    8. 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.
    9. 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.
    10. 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, Cambridge Political Economy Society, vol. 28(1), pages 1-22.
    Full references (including those not matched with items on IDEAS)

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