A Neo-Classical Theory of Distribution and Wealth, 1st 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 development particularly have attrac­ ted economists' curiosity for a very long time already. specially the, not less than partly, conflicting nature of the 2 politi­ cal goals, specifically to procure considerably huge financial progress and a "just" source of revenue distribution whilst, has prompted the subject to develop into an issue of political discussions. due to those discussions, a number of types of staff' participation within the gains of becoming economies were constructed. To a minor quantity and with particularly assorted good fortune, a few were carried out in perform. it truly is some distance past the scope of this paintings to stipulate a majority of these ways from the earlier centuries and, particularly, the prior many years. In monetary idea 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 so much of this broad literature is very fascinating, it suffers from the truth that it doesn't explicitly give some thought to both staff' or capitalists' targets and hence neglects their affects on financial development. hence, within the framework of a neo-classical version, those targets and their affects might be emphasised here.

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Extra info for A Neo-Classical Theory of Distribution and Wealth, 1st Edition

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T-1. Obviously, the case u t > a~, t = 1, .. ,T, is the interestino one and will be investigated in the remainder of this section. The following theorem can either be proved by solving the dynamic equation of Kt for wt - 1 ' plugging the result into the dynamic equation for Wt and deriving the oDtimality conditions for UW as a function of K1 , .. 1. 2) and u t > a~ for all t = 1, .. ,T. If there . ' bl e 1) sequence of capital stocks {K~}t=O, .. ,T eXlsts a f eaSl satisfying the equation system (3.

N(k*) (l+m)/(i+m) , t 2, •• ,T-1. 27). Thus the optimal investment ratio is proportional to the capital elasticity of output. 33 After this step into the theory of economic growth some remarks on two important controversies seem appropriate now. Finite versus infinite planning horizon The emphasis in this work clearly lies on discrete time, finite horizon models. This constitutes a major difference to most of the other publications on the theory of economic growth. In fact, most authors worked with infinite horizons and considered their approach as the only justifiable one.

T. 4) reduce to t 2, •• ,T. 4), the corresponding result from the preceding section, we observe: (i) For u t = 1 both equations are equivalent. Thus, if capitalists invest all their residual income, the same optimal capital stocks are obtained as in the preceding section, where utility from total consumption was maximized. It is interesting to note that in the classical model of economic growth capitalists were assumed to invest all their income while workers were assumed to consume only. (E) w For u t E (at' 1) marginal productivity of capital is larger and thus the value of the capital stock is strictly smaller than in the preceding section.

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