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 financial development particularly have attrac­ ted economists' curiosity for a very long time already. specially the, a minimum of in part, conflicting nature of the 2 politi­ cal pursuits, particularly to acquire considerably huge financial development and a "just" source of revenue distribution while, has triggered the subject to develop into an issue of political discussions. because of those discussions, a number of versions of employees' participation within the earnings of turning out to be economies were built. To a minor quantity and with really diversified luck, a few were applied in perform. it really is a ways past the scope of this paintings to stipulate these kinds of methods from the previous centuries and, specifically, the previous many years. In financial concept 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 such a lot of this large literature is very attention-grabbing, it suffers from the truth that it doesn't explicitly ponder both employees' or capitalists' pursuits and therefore neglects their affects on fiscal development. therefore, within the framework of a neo-classical version, those pursuits and their affects may be emphasised here.

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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, .. ,T. • ,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.

6. This value certainly does not stand in (sharp) con- trast to empirical evidence and it would be interesting to investigate and compare the corresponding values in the industrialized world. After this example we turn to investigation of distributional aspects. 19) at = a = n(k*) (l+m)/(Hm) , t 2, •• , T-1 . 20) y = u-a [1- ~+m n (k*) l+m t 2, •. ,T-1. 22) 1) (a-a)/(u-a) To understand this parameter value, see deduction (D2) on page 26. 23) a < ex < u , both shares satisfy 0 < '(, 1- Y < 1. 23) is satisfied.

1) V Like all the other utility functions being worked with, UR: lRT -> lR is assumed nondecreasing, continously differentiable twice, and concave with respect to all arguments. 3) Kt 1, •• ,T. t Ut[F(Kt_1,Lt_1,t)-Wt-Dt] w d + atWt+atDt+(1-mt)Kt_1 KO,K T specified. 3). 3), and the sequence of optimal capitalists' investment rates is given by {u~}t=1, .. • ,T. 2). 3). 1). One thus might have expected, that the same holds if capitalists control investment without caring about social or coo~erative ob- jectives.

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