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Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity

Mariolis, Theodore (2007): Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity. Published in: Asian-African Journal of Economics and Econometrics , Vol. 7, No. 1-2 (January 2007): pp. 365-375.

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Abstract

In a world of heterogeneous capital the aggregate capital-capacity ratio can change in a complicated way as the real wage rate changes and, therefore, nothing useful can be said, a priori, about the relationships between the real wage rate (or the aggregate profit share), the degree of capacity utilization and the rates of profit, capital accumulation and interest.

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