Profits

F. V. Meyer, D. C. Corner and J. E. S. Parker

Chapter 22 in Problems of a Mature Economy, 1970, pp 406-434 from Palgrave Macmillan

Abstract: Abstract Were wages and rent (of land and buildings) the only components of the national income, the national income would at best be stable and normally fall. This is because the national wages bill has for long been income-determined rather than income-determining, and the aggregate rent (of land and buildings) has reflected past values and so lagged behind, rather than led, the course of incomes. Hence these two kinds of factor earnings should be regarded as passive, being determined by current incomes and past prices respectively. Such earnings are part of national income, but that does not make them active determinants of the national income.

Keywords: Interest Rate; National Income; Full Employment; High Interest Rate; Interest Payment (search for similar items in EconPapers)
Date: 1970
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15400-5_22

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DOI: 10.1007/978-1-349-15400-5_22

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