Income and Growth

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

Chapter 23 in Problems of a Mature Economy, 1970, pp 435-447 from Palgrave Macmillan

Abstract: Abstract The preceding four chapters considered the distribution of incomes as a reflection of the relative scarcity of factors. A rise in profits indicated the economy’s reward for growth and reflected a rising scarcity of capital for growth. The national wages bill reflected the scarcity of labour for current activities. Rent reflected the unalterable past. Salaries were defined as a compound of wages and rent, so that they could be considered as a mixture of present and past, though the salary-earner’s ability to anticipate future growth also implied a profit element. Ignoring the unalterable past, it was possible to present much of the argument in terms of a two-factor model, where the two factors were labour and capital and the appropriate factor rewards were wages and profit; and where wages represented the reward for current ways of carrying on economic activities, and profits the reward for the venturesome.

Keywords: Wage Rate; Capital Accumulation; National Income; Monetary Reward; Growth Sector (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_23

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DOI: 10.1007/978-1-349-15400-5_23

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