Axing Wicksell's Durability Result

6 Pages Posted: 5 Jan 2013

See all articles by Ian Steedman

Ian Steedman

Manchester Metropolitan University - Department of Economics

Date Written: February 2013

Abstract

In the course of discussing Åkerman's problem, Wicksell 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 Wicksell's extreme assumption that the capital good is made by unassisted labour.

Suggested Citation

Steedman, Ian, Axing Wicksell's Durability Result (February 2013). Metroeconomica, Vol. 64, Issue 1, pp. 180-185, 2013, Available at SSRN: https://ssrn.com/abstract=2196680 or http://dx.doi.org/10.1111/meca.12001

Ian Steedman (Contact Author)

Manchester Metropolitan University - Department of Economics ( email )

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