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 as a rule and its re­ lation to wealth and monetary development 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 financial development and a "just" source of revenue distribution whilst, has triggered the subject to turn into a topic of political discussions. due to those discussions, a variety of types of staff' participation within the earnings of transforming into economies were built. To a minor quantity and with particularly assorted luck, a few were applied in perform. it really is a ways past the scope of this paintings to stipulate a lot of these methods from the previous centuries and, specifically, the prior many years. In fiscal idea many authors, for example Kaldor [1955], Krelle [1968], [1983], Pasinetti [1962], Samuelson and Modigli­ ani [1966], to call yet a number of, have analyzed the long term eco­ nomic implications of staff' saving and funding. whereas so much of this wide literature is extremely attention-grabbing, it suffers from the truth that it doesn't explicitly examine both employees' or capitalists' ambitions and hence neglects their affects on financial development. hence, within the framework of a neo-classical version, those goals and their affects may be emphasised here.

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Example text

4) however, this is not the case - the same optimal capital stocks are obtained as in the cooperative case. Although these conditions may seem restrictive, too, they may not be qualified as unrealistic. Some may argue, that the ratio of the capitalists' marginal utilities is larger than the one of the whole society's marginal utilities from total consumption in reality, because the capitalists' time preference is larger than the whole society's one. Others might find a lot of good reasons why the opposite may be true.

T. Unfortunately, there does not seem to be a requirement taking care of this problem that is both, economically interpretable and mathematically elegant. 2 the capitalists' investment rates u t ' t = 1, .. ,T, and thus investment behavior was assumed to be exogeneously specified and workers could control wages accordingly. 2 \vacres are exorreneously

Now it will be investigated under which conditions these two policies fit together in the following sense: When do there ° ° exist Nash equilibrium policies (u ,w ):= {o ut,W o} t tElli such that simultaneously (i) Given capitalists' investment rates uO:={u~}tElliworkers' ° ' 1 wage po 1"lCY lS W : = {o} optlma wt tElli i O (ii) Given workers' wage rates w capitalists' optimal in- vestment rates are uo. All the other model parameters and functions are, again, assumed exogeneously specified. Letting JW(uo,wo) and JC(uo,wo) denote workers' and capitalists' criteria, respectively, a Nash equilibrium satisfies as is well known and J c(uo,wo) -_>Jc(u,wo) for all u·={u .

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