SHAPE OF WAGE-PROFIT CURVES IN JOINT PRODUCTION SYSTEMS: EVIDENCE FROM THE SUPPLY AND USE TABLES OF THE FINNISH ECONOMY

Abstract

This paper extends the empirical investigation of the shape of wage–profit curves to the case of joint production using data from the Supply and Use Tables of the Finnish economy (for the years 1995 through 2004). It is found that (i) the considered systems do not have the usual properties of single-product systems, and (ii) the monotonicity of the wage–profit curves depends on the adopted normalization condition.

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