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The Cambridge Theory of Income Distribution: a partial critique

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  • Man-Seop Park

Abstract

In a multi-sector setting, the Cambridge theory of income distribution—the argument that the condition of accumulation determines normal income distribution—requires the assumption of balanced growth for its unambiguous meaning. But consideration of investment behaviour at the sectoral level, without assuming identical sectoral investment behaviour, reveals incompatibility between balanced growth at normal utilisation and uniformity in the rates of profit. This result supplements some criticisms recently made by Sraffian authors.

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  • Man-Seop Park, 1998. "The Cambridge Theory of Income Distribution: a partial critique," Review of Political Economy, Taylor & Francis Journals, vol. 10(3), pages 277-298.
    • Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:277-298
    DOI: 10.1080/09538259800000035
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    References listed on IDEAS

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    1. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7.
    2. Bliss, C. J., 1975. "Capital Theory and the Distribution of Income," Elsevier Monographs, Elsevier, edition 1, number 9780720436044 edited by Bliss, C. J..
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