Heterodox Theory Fall 2020: Assignment #4 on Assisted Labor commodity model
Heterodox Theory Fall 2020: Assignment #4 on Assisted Labor commodity model
1. Find the net product
2. Write in a Transactions Table
3. Arrive at the productivity parameters and draw the productivity schedule.
4. Arrive at the relative income shares, the ratio of distributive shares, and identify the values of each as well as the rate of profit across the different regimes of functional distribution. Draw the two-quadrant distributive share schedule in Quadrant I and the extraction schedule in Quadrant IV.
5. Set up the value equation in general and define what the “numeraire” is. Set up the general configuration of exchange for corn-as-numeraire and wages-as-numeraire.
Let the wage share change in thirds
6. Solve for each numeraire and show the configuration of exchange for each regime of distribution.
Reduction
7. Date-reduce the physical elements of the “now” (n = 0) and three years back (n = 1, n = 2, n = 3). Be sure to identify the reduction coefficient.
8. Evaluate the date-reduced structure using the price, wage, and profit rate data for the different regimes of distribution arrived at above
DETAILED ASSIGNMENT
