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The Wage—Rental Curve

In: The Theory of International Trade

Author

Listed:
  • Branko Horvat

    (The Institute for Advanced Studies)

Abstract

The wagc-rental curve (also called wage-profit frontier, wage curve or distribution curve) portrays the relation between real wages and gross profits (cf. Horvat, 1995, pp. 119–26). Since value added consists of wages and gross profits, one would expect that higher profits will cause lower wages and vice versa — given the output possibilities of the economy. The latter are determined by the existing labour force L, installed output capacity represented by fixed capital K and by the known technology (fixed technical coefficients λi, Ki; and a 3j .

Suggested Citation

  • Branko Horvat, 1999. "The Wage—Rental Curve," Palgrave Macmillan Books, in: The Theory of International Trade, chapter 11, pages 67-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98338-6_11
    DOI: 10.1057/9780333983386_11
    as

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