Labour Values, Prices of Production and Wage Rate of Profit Curves in Actual Economies

2019 ◽  
pp. 133-195
Author(s):  
Lefteris Tsoulfidis ◽  
Persefoni Tsaliki
Keyword(s):  
Wage Rate ◽  
Rate Of Profit

scholarly journals Zur Aktualität Sraffas

1994 ◽  
Vol 24 (94) ◽  
pp. 143-165
Author(s):  
Klaus Schabacker
Keyword(s):  
General Equilibrium ◽  
Wage Rate ◽  
Monetary Theory ◽  
Price Determination ◽  
Neoclassical Theory ◽  
Alternative Approach ◽  
Intertemporal Equilibrium ◽  
Theory Of Value ◽  
Rate Of Profit ◽  
Special Case

Sraffa's Production of Commodities by Means of Commodities shows a system of price equations which requires an exogenous determination either of the wage rate or the rate of profit. The fault of classical, Marxian and early neoclassical theory lies within their attempt to derive a rate of profit from a given magnitude called capital. The rate of profit is conceived of as a concept of production. Both, the modern Neoclassics and Sraffa, reject such a view. The former resolves the problem of determining the rate of profit into an intertemporal equilibrium of prices and regards the Sraffanian theory of value as a special case of a general equilibrium. This paper argues that, on the contrary, Sraffa has proposed an alternative approach to the theory of price determination, because he suggests that the rate of profit should be derived from the rate of interest on money. The latter may forma part of a monetary theory, which can cope with the problem of unemployment while neoclassiscal theory submits the problem of employment to a theory of allocation.

A Dynamic Investment Model with Profit-Sharing in an Interest-Free Economy

1991 ◽  
Vol 8 (1) ◽  
pp. 109-127
Author(s):  
Zaidi Sattar
Keyword(s):  
Optimal Investment ◽  
Integrated Approach ◽  
Building Blocks ◽  
Profit Sharing ◽  
Comparative Statics ◽  
Investment Model ◽  
Financial Contracts ◽  
Endogenous Variables ◽  
Rate Of Profit ◽  
Component Models

The present paper is a contribution to the building blocks of an investmentmodel within the framework of an integrated macroeconomic model of anIslamic economy. Investment behavior in the model is guided by an Islamicethicalvalue system and profit-sharing financial contracts. The typical firm’sinvestment decision is believed to emerge from a dynamic inter-temporalmaximization exercise within an infinite time horizon. The method of Calculusof Variations is applied to arrive at the optimal investment and employmentcriteria for the firm. The result is then incorporated into a macroeconomicmodel to study the behavior of key endogenous variables like national incomeand the rate of profit-share. Comparative statics exercised within a generalequilibrium framework reveal the potency of monetary policy but the neutralityof fiscal policy with respect to output and employment.IntroductionThe past decade has witnessed a tremendous outpouring of interest aswell as effort in the formalization of economic models based on profit-sharingfinancial arrangements as an Islamic alternative to the conventional interestbasedeconomic system. Several macroeconomic models for interest-freeeconomies have been proposed (Anwar 1987; Habibi 1987; Metwally 1981& 1983). The rigor of an integrated approach to such macroeconomic modelhgdepends on the rigor of the component models, namely, the consumption,investment, monetary, and fiscal relationships. Economists have writtenextensively on different aspects of consumer behavior in Islamic societies.Kahf (1978) and Khan (1984), among others, have contributed to the conceptualand analytical formulation of the consumption function under ...

The Payoff Period and the Rate of Profit

1955 ◽  
Vol 28 (4) ◽  
pp. 253 ◽  
Author(s):  
Myron J. Gordon
Keyword(s):  
Rate Of Profit ◽  
Payoff Period

scholarly journals Assessing the value of household work based on wages demanded on online platforms for substitutes

2021 ◽  
Author(s):  
Simona Jokubauskaitė ◽  
Alyssa Schneebaum
Keyword(s):  
Survey Data ◽  
Time Use ◽  
Opportunity Cost ◽  
Wage Rate ◽  
Economic Value ◽  
Household Work ◽  
Improved Method ◽  
A Value ◽  
Online Platforms ◽  
Time Use Survey

AbstractWe propose an improved method to assess the economic value of unpaid housework and childcare. Existing literature has typically assigned a minimum, generalist or specialist’s wage, or the performer’s opportunity cost to the hourly value of these activities. Then it was used to calculate macro-level value based on the number of hours spent in this work. In this paper, instead of imputing an average or minimum wage for housework and childcare to determine a value to the work, we use the actual local wage rate requested for these services from providers on online platforms. Applying this method to Austrian Time Use Survey data shows that the value of unpaid childcare and housework, had it been paid, would be equivalent to about 22% of the 2018 GDP.

The Falling Rate of Profit under Constant Rate of Exploitation: A Generalization

2021 ◽  
pp. 048661342110058
Author(s):  
Junshang Liang
Keyword(s):  
Technical Change ◽  
Jel Classification ◽  
Sector Model ◽  
Constant Rate ◽  
Consumption Goods ◽  
Rate Of Profit

In a two-sector model with circulating capital, Laibman (1982) shows that a capital-using and labor-saving technical change in the consumption goods sector lowers the rate of profit under the assumption of constant rate of exploitation. This paper generalizes his finding in a two-department multi-sector model that considers the capital advanced. JEL Classification: B51, C67

Farm wages and public works

2015 ◽  
Vol 8 (1) ◽  
pp. 19-72 ◽  
Author(s):  
Kanika Mahajan
Keyword(s):  
Theoretical Model ◽  
Wage Rate ◽  
Fixed Effects ◽  
Positive Impact ◽  
Wage Growth ◽  
State Level ◽  
Random Allocation ◽  
Farm Sector ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of National Rural Employment Guarantee Scheme (NREGS) on farm sector wage rate. This identification strategy rests on the assumption that all districts across India would have had similar wage trends in the absence of the program. The author argues that this assumption may not be true due to non-random allocation of districts to the program’s three phases across states and different economic growth paths of the states post the implementation of NREGS. Design/methodology/approach – To control for overall macroeconomic trends, the author allows for state-level time fixed effects to capture the differences in growth trajectories across districts due to changing economic landscape in the parent-state over time. The author also estimates the expected farm sector wage growth due to the increased public work employment provision using a theoretical model. Findings – The results, contrary to the existing studies, do not find support for a significantly positive impact of NREGS treatment on private cultivation wage rate. The theoretical model also shows that an increase in public employment work days explains very little of the total growth in cultivation wage post 2004. Originality/value – This paper looks specifically at farm sector wage growth and the possible impact of NREGS on it, accounting for state specific factors in shaping farm wages. Theoretical estimates are presented to overcome econometric limitations.

A Family Wage-Rate vs. A Family Social Endowment Fund

Social Forces ◽  
1927 ◽  
Vol 6 (1) ◽  
pp. 120-125
Author(s):  
E. Stewart
Keyword(s):  
Wage Rate ◽  
Endowment Fund ◽  
Family Wage
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