Mariolis, Theodore
(2015):
*Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve.*

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## Abstract

This paper constructs Bienenfeld’s second-order approximation for the wage-profit curve and tests it using data from ten symmetric input-output tables of the Greek economy. The results suggest that there is room for using low-dimensional models as surrogates for actual single-product economies.

Item Type: | MPRA Paper |
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Original Title: | Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve |

Language: | English |

Keywords: | Bienenfeld’s polynomial approximation; Eigenvalue distribution; Wage-price-profit rate curves |

Subjects: | B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C67 - Input-Output Models D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D57 - Input-Output Tables and Analysis |

Item ID: | 68215 |

Depositing User: | Theodore Mariolis |

Date Deposited: | 05 Dec 2015 07:22 |

Last Modified: | 10 Oct 2019 16:06 |

References: | Bienenfeld, M. (1988) Regularity in price changes as an effect of changes in distribution, Cambridge Journal of Economics, 12, pp. 247-255. Garegnani, P. (1970) Heterogeneous capital, the production function and the theory of distribution, The Review of Economic Studies, 37, pp. 407-436. Horn, R. A. and Johnson, C. R. (1991) Topics in Matrix Analysis, Cambridge: Cambridge University Press. Iliadi, F., Mariolis, T., Soklis, G., and Tsoulfidis, L. (2014) Bienenfeld’s approximation of production prices and eigenvalue distribution: further evidence from five European economies, Contributions to Political Economy, 33, pp. 35-54. Kurz, H. D. and Salvadori, N. (1995) Theory of Production. A Long-Period Analysis, Cambridge: Cambridge University Press. Mariolis, T. (2015) Norm bounds and a homographic approximation for the wage-profit curve, Metroeconomica, 66, pp. 263-283. Mariolis, T. and Tsoulfidis, L. (2009) Decomposing the changes in production prices into ‘capital-intensity’ and ‘price’ effects: theory and evidence from the Chinese economy, Contributions to Political Economy, 28, pp. 1-22. Mariolis, T. and Tsoulfidis, L. (2011) Eigenvalue distribution and the production price-profit rate relationship: theory and empirical evidence, Evolutionary and Institutional Economics Review, 8, pp. 87-122. Mariolis, T. and Tsoulfidis, L. (2014) On Bródy’s conjecture: theory, facts and figures about instability of the US economy, Economic Systems Research, 26, pp. 209-223. Mariolis, T. and Tsoulfidis, L. (2015) Capital theory ‘paradoxes’ and paradoxical results: resolved or continued?, paper presented at the 19th European Society for the History of Economic Thought Conference, 14-16 May 2015, Roma Tre University, Italy. Mariolis, T. and Tsoulfidis, L. (2015a) Modern Classical Economics and Reality: A Spectral Analysis of the Theory of Value and Distribution. Tokyo: Springer Verlag (forthcoming). Schefold, B. (2008) Families of strongly curved and of nearly linear wage curves: a contribution to the debate about the surrogate production function, Bulletin of Political Economy, 2, pp. 1-24. Schefold, B. (2013) Approximate surrogate production functions, Cambridge Journal of Economics, 37, pp. 1161-1184. Spaventa, L. (1970) Rate of profit, rate of growth, and capital intensity in a simple production model, Oxford Economic Papers, 22, pp. 129-147. Sraffa, P. (1960) Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory, Cambridge: Cambridge University Press. Tsoulfidis, L. and Mariolis, T. (2007) Labour values, prices of production and the effects of income distribution: evidence from the Greek economy, Economic Systems Research, 19, pp. 425-437. |

URI: | https://mpra.ub.uni-muenchen.de/id/eprint/68215 |