Premium
AXING WICKSELL'S DURABILITY RESULT
Author(s) -
Steedman Ian
Publication year - 2013
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/meca.12001
Subject(s) - economics , capital (architecture) , wage , durability , mathematical economics , neoclassical economics , keynesian economics , labour economics , microeconomics , computer science , art , database , visual arts
In the course of discussing Å kerman's problem, W icksell maintained that, when capitalists can choose the length of life of a fixed capital good, the chosen lifetime will be positively related to the real wage. It is shown that this conclusion collapses once we drop W icksell's extreme assumption that the capital good is made by unassisted labour.
Accelerating Research
Robert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom
Address
John Eccles HouseRobert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom