Showing 1 - 10 of 160
at the current state of profit theory in the mainstream economics. Here it identifies a few issues which include the … concept of profit, its source and its relationship with the notion of entrepreneurship. It argues that profit theory with …. Profit as a surplus over costs arises because of dynamic change and is institutional in its appropriation going largely to …
Persistent link: https://www.econbiz.de/10005837239
to changing factor shares in favour of profits. This paper apart from looking into factor shares such as wages, profits … that increasingly depends on profit income but also indicates that investments in the manufacturing sector were not always …
Persistent link: https://www.econbiz.de/10011112436
There are two phenomena widely observed when an economy departs from an underdeveloped state and starts rapid economic growth. One is the shift of production, employment, and consumption from the traditional sector to the modern sector, and the other is a large increase in educational levels of...
Persistent link: https://www.econbiz.de/10005835737
In the post-WWII era, most developing economies had decent economic growth, but, with current growth trends, the great majority of them are unlikely to transform into developed economies in near future. In these economies, the dual economic structure, the coexistence of the modern/formal sector...
Persistent link: https://www.econbiz.de/10011261078
working class, with profits generated by a stochastic multiplicative process and wages by an additive one. Class selection is … based on a random process depending on wealth distribution and the profit rate. In general, playing the role of capitalist …
Persistent link: https://www.econbiz.de/10009147678
Industrial development is often accompanied by massive migration from agricultural to industrial areas. This paper compares two steady states, the first and the second, which emerge before and after the termination of such migration, respectively. The paper shows that 1) the employment rate must...
Persistent link: https://www.econbiz.de/10011107781
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk...
Persistent link: https://www.econbiz.de/10011108338
This paper analyzes the role of income distribution in macroeconomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance with empirical evidence concerning the correlation between income distribution and output, an economy...
Persistent link: https://www.econbiz.de/10011109703
This paper presents a dynamic general equilibrium model with heterogeneous firms and entrepreneur's portfolio choice. We analytically show that this model generates the Pareto distribution of top income earners and Zipf's law of firms at the steady state. The differential equation for the...
Persistent link: https://www.econbiz.de/10011111065
All popular schools lack a consistent profit theory. Economists have no true conception of the most important … productivity but by the distributed profit ratio. …
Persistent link: https://www.econbiz.de/10011111106