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Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity

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  • Mariolis, Theodore

Abstract

In a world of heterogeneous capital the aggregate capital-capacity ratio can change in a complicated way as the real wage rate changes and, therefore, nothing useful can be said, a priori, about the relationships between the real wage rate (or the aggregate profit share), the degree of capacity utilization and the rates of profit, capital accumulation and interest.

Suggested Citation

  • Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:24042
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    References listed on IDEAS

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    10. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post‐Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.
    11. Marc Lavoie & Gabriel Rodriguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 127-149.
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    13. You, Jong-Il & Dutt, Amitava Krishna, 1996. "Government Debt, Income Distribution and Growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(3), pages 335-351, May.
    14. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    15. Mariolis, Theodore, 2006. "Distribution and Growth in a Multi-Sector Open Economy with Excess Capacity," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 59(1), pages 51-61.
    16. Dutt, Amitava Krishna, 1997. "Profit-Rate Equalization in the Kalecki-Steindl Model and the "Over-Determination" Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(4), pages 443-451, September.
    17. Eckhard Hein, 2008. "On the (In-)stability and the Endogeneity of the Normal Rate of Capacity Utilization in a Post-Keynesian/Kaleckian ‘Monetary’ Distribution and Growth Model," Palgrave Macmillan Books, in: Money, Distribution Conflict and Capital Accumulation, chapter 17, pages 153-167, Palgrave Macmillan.
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    Cited by:

    1. Mariolis, Theodore, 2010. "Κριτική Έκθεση του "Νόμου της Πτωτικής Τάσης του Ποσοστού Κέρδους" του K. Marx: Κατανομή Εισοδήματος, Επισώρευση Κεφαλαίου και Τεχνολογική Μεταβολή στη Μακρά Περίοδο [Critical Exposition ," MPRA Paper 22461, University Library of Munich, Germany.
    2. Mariolis, Theodore, 2014. "Η θεωρία οικονομικών κρίσεων του Karl Marx [Karl Marx’s theory of economic crises]," MPRA Paper 56831, University Library of Munich, Germany.

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    More about this item

    Keywords

    Aggregate capital-capacity ratio; capacity utilization; heterogeneous capital; post-Keynesian theory; Sraffian theory;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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