Full text: Notizen Konjunktur

We consider a closed private economy, a two class model, ay 
in which workers do not save. Let us define a vector gq 
of the quantities. of the various commodities ( only final 
products are considered, the econony is ingaägined to be 
integrated, so that costs consist only of wages and salaries). 
We write then for the gross national income Y and for the 
wage and salary bill W the following eyuations: 
i= + wu! 
A the price of each product, and J its) WEES End salary 
cost per unit are vectors. The income Y and wage bill W 
are given by the inner productos the vectors and are 
therefore scalar. 1 is the unit vector and ware the 
fixed wage and salary cost. 
At the break even point q, 
cost, we have therefore 
(Hag Y/ag+ wf 1 
From this follows that 
(3-0 Ya, = W, 
income equals wage and salary 
\ _ 
The difference between equations (1) and (2) taking account 
of (4) will give the profits ( a scalar ): 
P=Y - w= (P- a - a, 
\ J 
We now make use of Kalecki's profit equation 
P=T1I + (C 
where I is the investment and C the consumption of capitalists 
which we assume, for simplicity, to be independent of profits.

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