SHAPE OF A WAGE‐PROFIT CURVE, SOME METHODOLOGY AND EMPIRICAL EVIDENCE

Abstract

ABSTRACT Linear wage‐profit curve supports quite diverse theoretical propositions: Ricardo's treatment of distribution apart from theory of value, Marx's equivalence of unpaid labour and appropriated profits and neoclassical parables in capital theory. It has been known that the curve should deviate from a straight line, but an expression derived in this paper indicates that the deviations might be insignificant in any actual economy. Empirical evidence obtained, employing the Leontief‐Sraffa model with durable capital, strongly supported the previous conjecture. The evidence refers to a single economy, while its general relevance is approved by comparisons with other economies.

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