Norm Bounds and A Homographic Approximation for the Wage–Profit Curve

Theodore Mariolis ()

Metroeconomica, 2015, vol. 66, issue 2, 263-283

Abstract: This paper provides lower and upper norm bounds for the wage–profit curve in linear single-product systems. Thus, it also constructs an algebraically simple (i.e. homographic) and empirically powerful approximation to that curve. The results finally suggest that actual economies tend to behave as ‘corn-tractor’ systems with respect to the shape of the wage–profit curve and, at the same time, behave as three-industry systems with respect to the shape of the production price–profit rate curves.

Date: 2015
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