By Dr. Hans Ulrich Buhl (auth.)

The distribution of capital and source of revenue commonly and its re­ lation to wealth and financial development specifically have attrac­ ted economists' curiosity for a very long time already. particularly the, no less than partly, conflicting nature of the 2 politi­ cal pursuits, particularly to procure considerably huge fiscal progress and a "just" source of revenue distribution even as, has prompted the subject to turn into a subject matter of political discussions. because of those discussions, a variety of versions of staff' participation within the earnings of transforming into economies were constructed. To a minor volume and with rather diversified luck, a few were applied in perform. it truly is a long way past the scope of this paintings to stipulate these kinds of methods from the prior centuries and, particularly, the earlier a long time. In monetary conception many authors, for example Kaldor [1955], Krelle [1968], [1983], Pasinetti [1962], Samuelson and Modigli­ ani [1966], to call yet a number of, have analyzed the long term eco­ nomic implications of employees' saving and funding. whereas such a lot of this wide literature is extremely fascinating, it suffers from the truth that it doesn't explicitly contemplate both staff' or capitalists' ambitions and therefore neglects their affects on monetary progress. hence, within the framework of a neo-classical version, those pursuits and their affects may be emphasised here.

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Thus, the capitalists cannot influence employment and, by the exogeneity of the wage rate, they cannot even influence the wage bill by means of their investment policy. 6) capitalists still carry out all investments with marginal productivity at least as large as the depreciation rate. This policy is still the best capitalists can do in our model framework because they have no choice to pay the wage bill or not. , the ratios of the capitalists' marginal utilities are smaller than the ones from total consumption.

T. • ,T. 4) reduce to t 2, •• ,T. 4), the corresponding result from the preceding section, we observe: (i) For u t = 1 both equations are equivalent. Thus, if capitalists invest all their residual income, the same optimal capital stocks are obtained as in the preceding section, where utility from total consumption was maximized. It is interesting to note that in the classical model of economic growth capitalists were assumed to invest all their income while workers were assumed to consume only.

T Ut[F(Kt_1,Lt_1,t)-Wt-Dt] w d + atWt+atDt+(1-mt)Kt_1 KO,K T specified. 3). 3), and the sequence of optimal capitalists' investment rates is given by {u~}t=1, .. • ,T. 2). 3). 1). One thus might have expected, that the same holds if capitalists control investment without caring about social or coo~erative ob- jectives. 4) however, this is not the case - the same optimal capital stocks are obtained as in the cooperative case. Although these conditions may seem restrictive, too, they may not be qualified as unrealistic.

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