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Erscheinungsjahr: 
2010
Quellenangabe: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 07 [Issue:] 1 [Year:] 2010 [Pages:] 147-165
Verlag: 
Metropolis-Verlag, Marburg
Zusammenfassung: 
The aim of this paper is to study the effect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that emulation can play a crucial role in increasing workers' propensity to indebtedness. As a result, profits increase and so does the price level, thus generating a decline of the real wage. Moreover, the existence of indebtedness can provide a further solution to the socalled »paradox of profits« within the MTP.
Schlagwörter: 
monetary circuit
emulation
indebtedness
profits
wages
JEL: 
D71
E12
E21
J31
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