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The Wage-Maximisation Property

Author

Listed:
  • Christian Bidard

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

For linear single-product models, the competitive long-run technique is wage maximising at a given rate of profit. The property is extended to multiple-product systems that satisfy an additional hypothesis called robustness. In particular, the nonsubstitution property implies that all prices are minimum in terms of wage. The result applies to several types of models, including production with fixed capital. On the robustness hypothesis, the wage-maximisation property can be seen as the counterpart in value terms of the golden rule.

Suggested Citation

  • Christian Bidard, 2020. "The Wage-Maximisation Property," Working Papers hal-04159692, HAL.
    • Handle: RePEc:hal:wpaper:hal-04159692
    Note: View the original document on HAL open archive server: https://hal.science/hal-04159692
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