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dc.contributor.authorEkinci, Nazim Kadrien_US
dc.date.accessioned2011-06-06en_US
dc.date.accessioned2012-04-12T14:22:08Z-
dc.date.available2012-04-12T14:22:08Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/57056-
dc.description.abstractThe paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by Keynes. In a monetary economy, capital is a fund that must be maintained. This idea is captured in the circuit of capital as first defined by Marx. We introduce the circuit of fixed capital; this circuit is closed when the present value of prospective returns from employing it is equal to its supply price. In a steady-growth equilibrium with nominal wages and interest rates given, the equation that closes the circuit of fixed capital can be solved for prices, implying a definitive income distribution. Accordingly, the imputation for fixed capital costs is equivalent to that of a money contract of equal length, which is the payment per period that will repay the cost of the fixed asset, together with interest. It follows that if capital assets remain in use for a period longer than is required to amortize them, their earnings beyond that period have an element of pure rent.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 672en_US
dc.subject.jelD33en_US
dc.subject.jelD46en_US
dc.subject.jelE11en_US
dc.subject.jelE12en_US
dc.subject.jelE25en_US
dc.subject.ddc330en_US
dc.subject.keywordincome distributionen_US
dc.subject.keywordcircuits of capitalen_US
dc.subject.keywordmonetary economyen_US
dc.titleIncome distribution in a monetary economy: A Ricardo-Keynes synthesisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn661457842en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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