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dc.contributor.authorEkinci, Nazim Kadrien
dc.date.accessioned2011-06-06-
dc.date.accessioned2012-04-12T14:22:08Z-
dc.date.available2012-04-12T14:22:08Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x672en
dc.subject.jelD33en
dc.subject.jelD46en
dc.subject.jelE11en
dc.subject.jelE12en
dc.subject.jelE25en
dc.subject.ddc330en
dc.subject.keywordincome distributionen
dc.subject.keywordcircuits of capitalen
dc.subject.keywordmonetary economyen
dc.titleIncome distribution in a monetary economy: A Ricardo-Keynes synthesis-
dc.typeWorking Paperen
dc.identifier.ppn661457842en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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