The Immiseration of the Landlords: Rent in a Kaldorian Theory of Income Distribution

Greg Hill

Cambridge Journal of Economics, 2001, vol. 25, issue 4, 481-92

Abstract: This paper incorporates rent within a Kaldorian model of distribution where income shares depend on aggregate investment and the propensities to save out of profits, rents and wages. The model is used to interpret the significance of the secular decline in rents as a share of national income and to specify the circumstances under which both the capital/output ratio and the wage share of national income may rise. The author pursues Keynes's suggestive remarks about land's liquidity value and shows how an increase in the demand for land, by producers, consumers or wealthholders reduces the rate of profit and therewith the inducement to invest. Copyright 2001 by Oxford University Press.

Date: 2001
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