PURE JOINT PRODUCTION, INCOME DISTRIBUTION, EMPLOYMENT AND THE EXCHANGE RATE

Theodore Mariolis

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Economic Theory and Policy Global trade and economics Political Economy and Marxism

Abstract

ABSTRACT This paper deals with an open economy with heterogeneous capital and linear processes of pure joint production from a long‐period perspective. It is shown that: (1) an effective exchange rate change has ambiguous effects on the distribution of income and the competitiveness of domestic output; (2) the matrix of super‐multipliers linking exports to gross output is not always uniquely defined; and (3) the volume of exports and the volume of total employment may be inversely related, even if prices and distribution do not change.

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References

1961Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory.1962Production of Commodities By Means of Commodities. Prelude to a Critique of Economic Theory. By Piero Sraffa. Cambridge: At the University Press [Toronto: Macmillan]. 1960. Pp. xii, 99. $2.15.1996Theory of Production: A Long-Period Analysis.1985EFFECTIVE DEMAND IN A “CLASSICAL” MODEL OF VALUE AND DISTRIBUTION: THE MULTIPLIER IN A SRAFFIAN FRAMEWORK 1981SOME LONG‐RUN THEORY OF EMPLOYMENT, INCOME DISTRIBUTION AND THE EXCHANGE RATE

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