Patterns of technical change: a geometrical analysis using the wage-profit rate schedule

Fabrizio Ferretti

International Review of Applied Economics, 2008, vol. 22, issue 5, 565-583

Abstract: In this paper we examine some basic stylized facts of economic growth according to the modern restatement of the classical theory of income distribution. In particular, we make use of a wage-profit frontier in order to explore the patterns of technical change experienced by a set of 18 industrialized economies, during the last 40 years. Our main purpose is to document the evolution of technical change. Using empirical evidence from the Italian industry, we also make an attempt to provide an explanation to data from a classical perspective, alternative to the standard approach founded on the aggregate production function.

Keywords: fossil production function; Marx-biased technical change; wage-profit rate schedule (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1080/02692170802287581

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