The Scale of Returns: A Missing Link in the Theory of Distribution

Carl Föhl
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Carl Föhl: Freie Universität

Chapter Chapter 20 in The Distribution of National Income, 1968, pp 539-582 from Palgrave Macmillan

Abstract: Abstract In his paper on ‘Alternative Theories of Distribution’, published in 1955, Kaldor mentions a letter by Ricardo to Malthus. In this letter Ricardo expresses his conviction that the theory of distribution holds the key to an understanding of the whole mechanism of the economic system. It seems indeed that Ricardo thought it might be possible to develop from a theory of distribution something which we would call today a simple macro-economic model. My personal opinion is that Ricardo, if he thought so, was perfectly right. However, in spite of the numerous attempts made since, we have not yet succeeded in solving, in a satisfactory way, the problem which Ricardo may have had in mind.

Keywords: Interest Rate; Wage Rate; Capital Stock; National Income; Full Employment (search for similar items in EconPapers)
Date: 1968
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-15245-2_20

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DOI: 10.1007/978-1-349-15245-2_20

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