Ownership Structure, Income Distribution, and Competitive Equilibrium: A Theory of Business Cycles, Human Capital, and Asset Returns

Topics:
Investment and Capital Markets
Tags:
Asset,
Theory,
Ownership Structure,
Operational Planning,
New York University,
Income,
Human Resources,
Human Capital,
Business Operations,
Asset Management,
...
Source:
New York University

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Overview: This paper presents a theory of dynamic economic growth, business cycles, and asset pricing that integrates Marx's idea of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, It also presents Keynes' idea of sticky wages and examines the existence of a competitive equilibrium with intertemporal consumption and portfolio decisions by risk-averse capitalists facing a contractual labor cost.

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Format: PDF | Size: 996KB | Date: Aug 2000 | Pages: 47

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