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Journal Article
History of Political Economy (2009) 41 (4): 737–747.
Published: 01 November 2009
... accumulation, and it is perhaps some- what surprising, therefore, that Kaldor made no mention of workers’ assets. In his model, national saving was disaggregated into saving by workers and saving by capitalists. Where W denoted wages, P profi ts, and sp and sw the (average and marginal) propensities...
Journal Article
History of Political Economy (2008) 40 (4): 595–611.
Published: 01 November 2008
..., as I contend they are, then we are still in possession of a measure tolerably accurate, and in my opinion more nearly approxi- mating to truth than any that has yet been proposed.” 5. “After all, the great questions of Rent, Wages and Profi ts must be explained by the pro- portions in which...
Journal Article
History of Political Economy (2006) 38 (1): 91–149.
Published: 01 March 2006
... . Price of Wages: A Curious Phrase. Paper presented at the eighth annual conference of the European Society for the History of Economic Thought at the University of Paris , February. Gehrke, C., and H. D. Kurz. 2004 . The Tendency of the Rate of Profi ts to Fall in Ricardo and Marx. Paper presented...
Journal Article
History of Political Economy (2007) 39 (2): 293–306.
Published: 01 June 2007
... is an increase in money wages, but, critically, the latter is not suffi cient to immunize laborers against some reduction in their real wages (i.e., their purchasing power). Yet at the same time, higher money wages are effective in reducing the capitalists’ rate of profi t. The burden of diminishing...
Journal Article
History of Political Economy (2009) 41 (2): 383–406.
Published: 01 June 2009
... on the scene of employers who hire labor for wages and supply materials “in order to make a profi t” (I.vi.5). Smith comments: In this state of things, the whole produce of labour does not always belong to the labourer. He must in most cases share it with the owner of the stock which employs him...
Journal Article
History of Political Economy (2009) 41 (2): 343–382.
Published: 01 June 2009
... intricately connected with the problem of postwar economic defl ation and depression of industry. This is why, for example, the famous Malthus-Ricardo debates over value and distribution (i.e., the rate of profi t) were connected to Say’s law and the role of demand in determining economic activity...
Journal Article
History of Political Economy (2009) 41 (2): 219–247.
Published: 01 June 2009
... interest in intertemporal varia- tions in relative prices (Blaug 1997b, 107).8 What really concerned him was the tendency of the rate of profi t on capital to decline in the course of economic growth due to rising land scarcity, a tendency that he thought threatened the very foundation of Britain’s...
Journal Article
History of Political Economy (2007) 39 (2): 307–312.
Published: 01 June 2007
... the explicit endorsement by Ricardo, in his Notes on Malthus’s Principles of Political Economy, of Malthus’s version of the new view—the clearest formulation in the literature. Malthus (1820, 297), in his chapter 5, section 1, “Of Profi ts as Affected by the Increasing Diffi culty of Procuring...
Journal Article
History of Political Economy (2006) 38 (1): 1–14.
Published: 01 March 2006
... unclimbed Everest for political economy . . . —Michael Bruno In one of the many interchanges between David Ricardo and Robert Mal- thus, Ricardo adverted to a case where the profi t rate was determined autonomously...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 149–160.
Published: 01 December 2009
... of Commodities (1960). For Sraffa, profi t is the surplus above and beyond remuneration of the factors, which may or may not be paid their marginal products. In classical/Ricardian equi- librium, output prices are determined and profi t/surplus is allocated in a manner consistent with equalization...
Journal Article
History of Political Economy (2007) 39 (4): 679–712.
Published: 01 November 2007
... economists’ discussions of resource allo- cation. As formalized by Turgot and Smith, the natural price was essen- tially equal to cost of production, including normal profi ts. Any short- fall in the output of a particular good caused the market price to exceed the natural price. This in turn led...
Journal Article
History of Political Economy (2009) 41 (1): 163–181.
Published: 01 March 2009
.... Obrecht for her kind assistance in the tran- scription of Alchian’s interview. All remaining errors are mine. History of Political Economy 41:1 DOI 10.1215/00182702-2008-041 Copyright 2009 by Duke University Press 164 History of Political Economy 41:1 (2009) agreed that maximum profi t...
Journal Article
History of Political Economy (2009) 41 (4): 645–671.
Published: 01 November 2009
... it clear that when Keynes spoke of capitalism, he included within it a set of institutions, not an idealized system consisting solely of utility and profi t maximization and the markets created by them.18 What is more, not only had capitalism changed in the past, it was still changing...
Journal Article
History of Political Economy (2007) 39 (1): 97–119.
Published: 01 March 2007
... of seven years (four years). Cantillon went on to use opportunity cost—“the time lost in learning the trade and the cost and risk incurred in becoming profi cient”—to help explain the higher wage paid to artisans and crafts- men. Economists in modern times would be correct to object that the cost...
Journal Article
History of Political Economy (2006) 38 (3): 497–530.
Published: 01 September 2006
... would no longer be motivated to improve their lands, since they could fi nd greater profi ts in a system characterized by high grain prices. Second, merchants would adopt predatory behaviors, engineering partial scarcity by withholding wheat from the market (per- haps by storing it in a warehouse...
Journal Article
History of Political Economy (2008) 40 (2): 383–395.
Published: 01 June 2008
... are enabled to pur- chase more producer’s goods and hire more services of land and labor and also earn more profi ts from the higher prices of their produced goods and services while contracted wage, interest, and rental rates are yet to rise. As Hume explains with respect to wages, employers...
Journal Article
History of Political Economy (2008) 40 (1): 163–182.
Published: 01 March 2008
.... In consequence, the profi ts made by the capitalists as a class rose by an amount that, as Kalecki demonstrated, equaled the reduction in income caused by the tax burden. This thesis conceived by Kalecki found consummate expression only some years later, when Trygve Haavelmo (1945) proposed a formalized...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 67–87.
Published: 01 December 2009
... the secular Harrod problem was elaborated by Nicholas Kaldor (1956), who distinguishes between savings out of profi ts sp and savings out of wages sw, with 1 ≥ sp ≥ sw ≥ 0, which allows the endogenization of the overall savings propensity s. As in Keynes, the theory of income dis- tribution has...
Journal Article
History of Political Economy (2006) 38 (4): 733–774.
Published: 01 November 2006
... undergraduate students to a number of fundamental economic issues: profi t maximization; total, average, and marginal cost; fi xed and variable cost (as well as average variable cost and average fi xed cost); increasing, decreasing, and constant returns to scale; competition; elastic- ity of demand...
Journal Article
History of Political Economy (2009) 41 (1): 89–107.
Published: 01 March 2009
... for in Calvin or other Conti- nental reformers at all. It is in England, and more precisely in the Westmin- ster Shorter Catechism of 1649, that we may look for “a profi t-seeking ethic totally congruent with Weber’s ‘spirit of capitalism1 The purpose of this article is not to evaluate Lessnoff’s fi ndings...