Ownership Structure, Income Distribution, and Competitive Equilibrium: A Theory of Business Cycles, Human Capital, and Asset Returns

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of sticky wages, and (3) the existence of a competitive equilibrium with intertemporal consumption and portfolio decisions by risk-averse capitalists facing a contractual labor cost.

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Year of publication:	2000-08-16
Authors:	Dai, Quiang
Publisher:	Salomon Center <New York, NY>
Subject:	Kapitalmarkttheorie \| Einkommensverteilung

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Extent:	1019904 bytes 47 p. application/pdf
Series:	NYU Salomon Center for the Study of Financial Institutions - Publications -Working papers Arbeitspapier - NYU Salomon Center for the Study of Financial Institutions - Asset Management ; SC-AM-00-03
Type of publication:	Book / Working Paper
Language:	English
Classification:	D51 - Exchange and Production Economies ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving ; E11 - Marxian; Sraffian; Institutional; Evolutionary ; E12 - Keynes; Keynesian; Post-Keynesian ; E13 - Neoclassical ; E21 - Consumption; Saving ; E24 - Employment; Unemployment; Wages ; E32 - Business Fluctuations; Cycles ; E44 - Financial Markets and the Macroeconomy ; G12 - Asset Pricing ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc ; O41 - One, Two, and Multisector Growth Models ; Financial theory ; Income and Wealth Distribution ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005846603