Full text: Distribution and Growth

18 
however, that this applies to profits at given utilization. 
The actual profit share owing to the variations in the degree 
of utilization (which are important also in the long run 
not only in the cycle) will vary more, in accordance with 
1) 
the changing rate of growth. 
1) It will be noted that the constant share of Bowley 
applied to the wage of manual workers only which at that 
time might have been regarded as approximately proportionate 
cost. The remaining non-wage share was less subject to 
the effect of changing utilization. This was the concept 
of gross profit which (in relation to wage plus material 
cost) was used by Kalecki to define his mark-up.
	        

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