Alternative Theories of Distribution

Nicholas Kaldor

doi:10.2307/2296292

January 1, 1955The Review of Economic Studies

Alternative Theories of Distribution

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Key Points

Evaluate historical and neoclassical explanations of how total output is divided between wages and profits, and construct a comprehensive macroeconomic theory of distribution.
Critically compares the theoretical foundations of Ricardian, Marxian, and neoclassical marginal productivity models of distribution.
Formulates a macroeconomic model based on Keynesian aggregate demand principles relating factor shares to the ratio of investment to total output and differential propensities to save.
Classical and marginal productivity theories rely on rigid assumptions—such as subsistence wages or perfect factor substitution—that do not hold in growing industrial economies.
Under full-employment equilibrium, the share of profits in total income is uniquely determined by the investment-output ratio divided by the difference between the saving rates of capitalists and workers.

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Implication

Theoretical analysis reviews classical and neoclassical distribution models in macroeconomic systems, highlighting how investment and saving propensities determine national income shares.

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Nicholas Kaldor (1955) studied this question.

synapsesocial.com/papers/69df1a3f3b0ba53fb37a1559 https://doi.org/10.2307/2296292

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Alternative Theories of Distribution

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Implication

Discussion

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Alternative Theories of Distribution

Key Points

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Implication

Discussion

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