The wage-wage-...-wage-profit relation in a multisector bargaining economy
A. J. Julius
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A. J. Julius: New School University
GE, Growth, Math methods from University Library of Munich, Germany
The equalization of profit rates across a multisector production economy subject to Nash bargaining over wages supports an industry wage structure like those that account for a large fraction of actual wage dispersion and a wage-wage-...-wage-profit surface on which the general profit rate can vary inversely or directly with the wage paid in a given industry. Institutional changes that compress or decompress the wage distribution depend for support on industrially specific cross-class coalitions of workers and capitalists. Technical changes that raise capitalists' profits in current prices can lower the equilibrium profit rate.
Keywords: Wage-profit relation; prices of production; wage dispersion; bargaining; technical change (search for similar items in EconPapers)
JEL-codes: D5 D33 J31 O31 (search for similar items in EconPapers)
Note: Type of Document - pdf; pages: 31
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpge:0501003
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