A Neo-Classical Theory of Distribution and Wealth by Dr. Hans Ulrich Buhl (auth.)

By Dr. Hans Ulrich Buhl (auth.)

The distribution of capital and source of revenue mostly and its re­ lation to wealth and financial progress specifically have attrac­ ted economists' curiosity for a very long time already. in particular the, no less than in part, conflicting nature of the 2 politi­ cal pursuits, specifically to procure considerably huge fiscal development and a "just" source of revenue distribution whilst, has prompted the subject to develop into an issue of political discussions. because of those discussions, quite a few types of staff' participation within the earnings of starting to be economies were constructed. To a minor volume and with particularly varied luck, a few were applied in perform. it really is a ways past the scope of this paintings to stipulate these kind of ways from the earlier centuries and, particularly, the previous many years. In monetary thought many authors, for example Kaldor [1955], Krelle [1968], [1983], Pasinetti [1962], Samuelson and Modigli­ ani [1966], to call yet a couple of, have analyzed the long term eco­ nomic implications of employees' saving and funding. whereas such a lot of this large literature is extremely attention-grabbing, it suffers from the truth that it doesn't explicitly give some thought to both staff' or capitalists' pursuits and hence neglects their affects on monetary development. therefore, within the framework of a neo-classical version, those targets and their affects might be emphasised here.

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2) K UtF(Kt_1,Lt_1,t)+(1-mt)Kt_1 t w d = 1, •• ,T t -(ut-at)wt_1Lt_1-(ut-at)dt_1Lt_1 Ka' KT specified. Notice, for u t ~ a~ the dynamic equation for Kt is nonwt - 1 • Thus the workers may increase decreasing with respect to their wage rate and therefore their utility without decreasing the subsequent capital stock. • ,T. 2) is trivial. Workers would set wages such that nothing remains left for the capitalists. w For u t > at' however, the situation is different. For larger values of the average wage rate wt ' the next periods' capital stock is smaller.

W (iii) For larger values of the workers' saving rates at and a~ the capitalists' optimal investment rate u~ is smaller. Since the optimal capital stocks do not depend on the workers' saving rates total investment is the same, implying that the adverse effects just have compensated. (iv) For larger values of the labor change rate It the optimal capitalist investment rate u~ is larger, too. 13) indicate. , f t = f, it = i, mt = m, w d It = 1, at = at = a, wt = w, d t = d, for all t. To simplify the following analysis, again we require i+m > o.

1) subject to (1-a t ) F(K t _ 1 , L t - 1 , t) at F(K t _ 1 , Lt - 1 , t)+(1-mt )K t _ 1 ! t=l, 2, •. KO' KT specified • 1) In this work, the analysis will be restricted to this case of a finite planning horizon T. All the results of the subsequent sections, however, may be extended to the case where T->oo. This can be done similarly as shown in Buhl [1983]. 2) Thus, in this section note the control variables are at' t=1, •• , T. 3) Throughout this work, for both technical and economical reasons all maxima are assumed to exist.

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