Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise

James Tobin

No 934, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: Kaldor's capital/labor income distribution theory relied on differential saving propensities from profits and wages. Robinson's growth models typically specified constant-coefficient technologies in which marginal productivities cannot determine distribution. Here these two insights are combined in a two-sector (capital goods, consumption goods) economy. Two technologies are available, but only as either-or alternatives. The choice of technology and the income distribution depend on the saving propensities. Steady-state consumption need not be greater when the economy is more capitalized and profit rates are lower.

Keywords: Growth mode; technology; income distribution (search for similar items in EconPapers)
Date: 1990-01
Note: CFP 730.

Published in Cambridge Journal of Economics (1989), 13: 37-45

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Related works:
Journal Article: Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise (1989)
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