Full text: Notizen Konjunktur

We consider a closed private economy, a two class model, 
in which workers do not save. Let us define a vector q 
of the quantities of the various commodities ( only final 
products are considered, the economy is imipagined 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 equations: 
Y = ß f q. (1) 
W = $q + wj 1 . (2) 
Q the price of each product, and iC its^wa|l n and salary 
cost per unit are vectors. The income Y and wage bill W 
are given by the inner produci/of the vectors and 
therefore scalar. 1 is the unit vecter and w„ are the 
fixed wage and salary cost. 
At the break even point q Q 
cost, we have therefore 
ßw o f 1 
From this follows that 
( ß -S' /q 0 - w D i. 
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 = 
( /5 - ) ( q - q 0 ) 
We now make use of Kalecki's profit equation, 
P = I + 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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