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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 regularly and its re­ lation to wealth and fiscal progress specifically have attrac­ ted economists' curiosity for a very long time already. in particular the, a minimum of in part, conflicting nature of the 2 politi­ cal pursuits, particularly to procure considerably huge monetary development and a "just" source of revenue distribution while, has prompted the subject to turn into a subject matter of political discussions. due to those discussions, a variety of types of staff' participation within the earnings of growing to be economies were built. To a minor volume and with fairly various luck, a few were carried out in perform. it really is some distance past the scope of this paintings to stipulate most of these methods from the prior centuries and, specifically, the prior a long time. 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 such a lot of this broad literature is very fascinating, it suffers from the truth that it doesn't explicitly think about both staff' or capitalists' goals and hence neglects their affects on financial progress. hence, within the framework of a neo-classical version, those goals and their affects may be emphasised here.

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If there . ' bl e 1) sequence of capital stocks {K~}t=O, .. ,T eXlsts a f eaSl satisfying the equation system (3. 4) F K (K t -1 ' L t -1 ' t) t = 2 , •. 2), and the sequences of optimal average and total wages, {w~}t=O, .. ,T-1 and {W~}t=1, .. ,T are given by 1) Recall that for feasiblity of a sequence of capital stocks or wage rates it is necessary that for all t we have o ~ Wt ~ F(K t _ 1 ,L t _ 1 ,t)- Dt ' t = 1, .. ,T. 2) Again, this abbreviation of the partial derivatives of the utility function stands for auW aw (W 1 '··'WT ) \ ~ t WT=WT(~_1'~) , T = 1, ..

3 , t 2, •• ,T-1. 4, respectively. 23) is obviously satisfied for such and similar parameters. 2 we determined optimal wage policies for the workers under the assumption that capitalists' investment behavior was given. 3 we assumed wages (and other model parameters) exogeneously given and derived optimal investment policies for the capitalists accordingly. 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.

1) t= 1 , .. ,T. 1: t=2, .. ,T. 3) take on the same values for all t=2, .. ,T. 4) is satisfiable only under quite restrictive conditions. 4) when the denominator is assumed different from zero. Notice further that u ot < is true if and only if is not necessarily satisfied; this 58 (3. 4. 5) I w (1-aW ) => [0"UR "OW "u_] _0 [_0· t ---c-aW t _ 1 aW t aR t _ 1 I--C "U R 0 ] ( u 0 - -aw- ) ' t 1 t 1 aRt t =2 , .. , T . 5) are always satisfied. In the remainder of this section we specialize our assumptions regarding both groups objectives and suppose they are maximizing the present values of wages and consumable residual, respectively.

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