Profits, Wages, and Productivity in the Business Cycle A Kaldorian A
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PROFITS, WAGES, AND PRODUCTIVITY IN THE BUSINESS CYCLE
A KALDORIAN ANALYSIS
MITSUHIKO IYODA Momoyama Gakuin Daigaku Osaka, Japan
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Iyoda, Mitsuhiko, 1943Profits, wages, and produetivity in the business eyde : a Kaldorian analysis / by Mitsuhiko Iyoda. p. em. Originally presented as the author's thesis (doetoral)-University of Buekingham, 1994. Indudes bibliographieal referenees and index. ISBN 978-94-010-6260-2 ISBN 978-94-011-5376-8 (eBook) DOI 10.1007/978-94-011-5376-8 1. Business eydes. 2. Income distribution. 3. Kaldor, Nieholas, 1908-1986. I. Title. HB3714.195 1997 338.5'42-de21
96-40418 CIP
Copyright © 1997 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1997 Softcover reprint of the hardcover 1st edition 1997 All rights reserved. No part of this publieation may be reprodueed, stored in a retrieval system or transmitted in any form or by any means, meehanieal, photo-eopying, reeording, or otherwise, without the prior written permission ofthe publisher, Springer Science+Business Media. LLC Printed on
acid~free
paper.
CONTENTS
List of Figures
lX
List of Tables xi Preface xiii Acknowledgments
xv
Abbreviations xix 1. Introduction
1
2. Some Facts About the Typical Business Cycle 5 Some Facts in General 5 Comparative Methods 6 Equations for Calculation 6 Data 8 Results in Detail 10 The Labor Share 10 The Profit Rate 14 Labor Productivity 14 The Real Wage Rate 17 The Relationship Between the Estimates with and Without LIS Factors Conditioning Interpretations 23 Stylized Facts and Some Explanations of These Facts 24 Stylized Facts 24 Some Explanations of the Stylized Facts 27
22
v
vi
Contents
Appendix 2A: Methods of Imputation and Their Validity 30 Appendix 2B: Data 31 Appendix 2C: Tables 35 3. Kaldor's Model 49 Kaldor's Model 50 A Model 50 Restraint Conditions to the Model 51 Interpretation 52 Reformulation of the Model 53 Further Interpretation 54 Comments 57 Pasinetti's Question 57 Capital Coefficient, v 58 An Assumption of the Full Employment 59 Historical Constancies 59 Kaldor's Recognition 59 Arguments on the Historical Constancies 61 Conclusions: Some Remarks on Kaldor's Model 62 Appendix 3A: A Neoclassical Model of Income DistributionIn Comparison with Kaldor's Model 63 4. Kaldorian Models: Two Applied Models 69 Model A: An Employment Decision Approach 70 Assumptions and Notations 70 Model A 71 Model A: A Solution and Restraint Conditions 73 Model A: An Analysis in Comparative Statics 74 A Brief Summary: Concluding Remarks on Model A 77 Model B: A Markup Pricing Approach 78 Introduction 78 Model B 79 Model B: A Solution and Restraint Conditions 80 Model B: An Analysis in Comparative Statics 83 A Brief Summary: Concluding Remarks on Model B 86 Conclusions: Some Remarks on Models A and B 87 Fundamental Characteristics of the Two Models 87 The Characteristics of the Model and the Validity 88 Appendix 4A: Model A: On Solution 89 Appendix 4B: Equations for
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