This note presents two numerical examples, in a model with two techniques of production, of a switch point with a real Wicksell effect of zero. The variation in the technique adopted, at the switch point, leaves employment and the value of capital per unit net output unchanged. This invariant...

This paper illustrates, through a numerical example of reswitching under oligopoly, the existence of implications from the Cambridge Capital Controversy for the theory of industrial organization. Oligopoly is modeled by given and persistent ratios in rates of profits among industries, as...

This paper presents the results of an empirical exploration of data from countries worldwide. Income distribution, as associated with the system of prices of production, fails to describe many economies. Economies in most countries or regions lie near their wage-rate of profits frontier, when...

This paper presents a neoclassical overlapping generations model in which the rate of growth is positive, income distribution does not become more unequal in a steady state, and the real rate of return on wealth exceeds the rate of growth. The existence of two assets in the model distinguishes...

Thomas Piketty claims that when the rate of return on wealth exceeds the rate of growth, income inequality increases. This paper builds on previous research in the literature to demonstrate the incorrectness of Piketty's thesis and to suggest an amendment to it. A neoclassical overlapping...

The choice of technique can be analyzed, in a circulating-capital model of prices of production, by constructing the wage frontier. Switch points arise when more than one technique is cost-minimizing for a specified rate of profits. This article defines four normal forms for structural...

This article analyzes structural instabilities, in a model of prices of production, associated with variations in coefficients of production, in industrial organization, and in the steady-state rate of growth. Numerical examples are provided, with illustrations, demonstrating that technological...

This article presents an analysis based on a comparison of stationary states. With technology and relative markups among industries taken as exogenous, the long-period trade-off between wages and rates of profits is determined. A long-period change in relative markups among industries can create...

Paul A. Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as trade in produced consumer goods. He argues that this extension provides an additional gain from trade,...

Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as produced consumer goods. He argues that this extension provides an additional gain from trade, which he labels...