The Cambridge Theory of Income Distribution: a partial critique

Man-Seop Park

Review of Political Economy, 1998, vol. 10, issue 3, 277-298

Abstract: In a multi-sector setting, the Cambridge theory of income distribution—the argument that the condition of accumulation determines normal income distribution—requires the assumption of balanced growth for its unambiguous meaning. But consideration of investment behaviour at the sectoral level, without assuming identical sectoral investment behaviour, reveals incompatibility between balanced growth at normal utilisation and uniformity in the rates of profit. This result supplements some criticisms recently made by Sraffian authors.

Date: 1998
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DOI: 10.1080/09538259800000035

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