Bla ne , Niklaus
A icle
Co po a e Finance and Income Dis ibu ion in aG owing
Economy
Zei sch i ü Wi scha s- und Sozialwissenscha en (ZWS) - Vie eljah essch i de
Gesellscha ü Wi scha s- und Sozialwissenscha en, Ve ein ü Socialpoli ik
P o ided in Coope a ion wi h:
Duncke & Humblo , Be lin
Sugges ed Ci a ion: Bla ne , Niklaus (1975) : Co po a e Finance and Income Dis ibu ion in aG owing
Economy, Zei sch i ü Wi scha s- und Sozialwissenscha en (ZWS) - Vie eljah essch i de
Gesellscha ü Wi scha s- und Sozialwissenscha en, Ve ein ü Socialpoli ik, ISSN 0342-1783,
Duncke & Humblo , Be lin, Vol. 95, Iss. 3, pp. 223-238,
h ps://doi.o g/10.3790/schm.95.3.223
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Co po a e Finance and
Income Dis ibu ion in a G owing Economy*
By Niklaus Bla ne
How do co po a e in es men and inancial decisions a ec he dis ibu ion
o ac o incomes? This ques ion is analysed wi hin a Kaldo ian amewo k,
which allows he es ablishmen o a link be ween he heo y o he g ow h
o he i m and he heo y o mac o g ow h and dis ibu ion.
1. In oduc ion
R. Ma is ecen ly in es iga ed he p ope ies o "A Ten a i e Mic o-
Mac o Model o he G ow h o he Fi m and o he Economy"1. Ma is
a emp ed o link his own heo y o he g ow h o he i m wi h a Kal-
do ian mac o model in o de o show how mac o g ow h could possibly
be explained as a esul o he in e ac ion o co po a e managemen and
p i a e in es o s in he capi al ma ke .
Wha ega ds he dis ibu ion o ac o incomes he Ma is model is
no speci ic. In he p esen pape we add ess ou sel es o he solu ion
o his p oblem. We, oo, do his wi hin a Kaldo ian amewo k which
has long been ecognised as being especially sui able o he explici
discussion o he e ec s o an income gene a ing and income dis ibu ing
co po a e sec o 2.
We shall i s build up a basic model and shall hen p oceed o dis-
cuss al e na i e solu ions. The selec ion o a pa icula solu ion has im-
po an consequences o he de e mina ion o income dis ibu ion.
Which o he solu ions has o be p e e ed depends on he heo y o he
capi al ma ke adop ed.
We hope ha by s essing income dis ibu ion his ime we a e
making a s ep owa ds he ul ima e goal o a simul aneous explana ion
o g ow h and income dis ibu ion in a co po a e economy.
* The au ho would like o hank P o esso D . Go ied Bombach (Basel),
P o esso D . Klaus Jaege (Be lin), D . Robin Ma is (Camb idge) and M .
Ch is oph Baue (Basel) o many help ul and c i ical commen s in he p e-
pa a ion o his a icle. Responsibili y o emaining sho comings emains
solely wi h he au ho , o cou se.
1 Ma is (1972), especially pp. 341 - 52.
2 This is pa icula ly ue o N. Kaldo (1966). Bu see also Bombach
(1959 a) and (1959 b).
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224 Nikiaus Bla ne
2. Basic Model
We s a in he usual way wi h he iden i ies
(1) Y = W + P
and
(2) P = R + D
Na ional income Y is equal o wages W plus p o i s P. P o i s a e ea ned
by he co po a e sec o o he economy and spli in o e ained ea nings
R and di idends D paid o he sha e owning wo ke s.
The e a e wo g oups o pe sons: wo ke s and co po a e managemen .
The e a e no capi alis s — o , as Kaldo pu s i mo e p ecisely: he e
a e no he edi a y capi alis s3. Wo ke s sa e and hence own he co po a e
sec o . They also enjoy he di idends. Managemen is in cha ge o he
ope a ion o he co po a ions. Managemen is dis inguished as a sepa-
a e g oup o pe sons only inso a i ega ds i s unc ion o con ol. As
ea ne s o income manage s a e conside ed as pa o he g oup o wo -
ke s. Manage s ea n wages — o sala ies — and hey sa e. They own
pa o he co po a e sec o as wo ke s do. Manage s a e di e en om
wo ke s inso a as hey wield execu i e powe while wo ke s' in-
luence is limi ed o he legisla i e pa o he p ocess.
Managemen has h ee ins umen s a i s disposi ion o which only
wo a e independen wi h gi en p o i s P. The i s is he p opo ion o
na ional income in es ed
(3) a = J/Y
The second is he e en ion a io
(4) = R/P
and he hi d is he ac ion i in which in es men is inanced by issuing
new sha es ins ead o using e ained ea nings
(5) i = (I
—
R)/I = (q Á)/I
q ep esen s he cu en sha e p ice and A = dAld he numbe o
sha es issued pe ime pe iod .
To al sa ings a e de ined as
(6) S = SW + R
i. e. as he sum o wo ke s' sa ings ¿Mi plus e ained ea nings R.
3 Kaldo (1966) p. 311.
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Co po a e Finance and Income Dis ibu ion in a G owing Economy 225
Wo ke s' sa ings a e explained in he Keynesian way. Wo ke s a e
assumed o sa e a cons an and equal p opo ion sw ou o hei wage
and di idend income. In addi ion, hei sa ing beha iou is a ec ed by
al e a ions in he alue o hei accumula ed weal h. I is assumed ha
wo ke s consume a cons an ac ion (1 — s^) o hei capi al gains G
enjoyed.
I capi al gains a e ze o wo ke s' sa ings a e equal o (swW + swD).
Up o his amoun hey would like o pu chase new sha es. Buying
sha es is assumed o be he only o m o placing sa ings. The e a e
no inancial ins i u ions, like banks. When sha e p ices ise and capi al
gains become posi i e wo ke s consume he p opo ion (1 — sw) o hese
capi al gains. They do his by dissa ing, i. e. by selling sha es up o
[(1 — s^)G] pe pe iod. Ac ual wo ke s' sa ing is equal o ne sa ing,
i. e. equal o sa ing ou o income plus dissa ing ou o capi al gains.
We ind
(?) Sw= swW + swD-( 1 - sw) G
Fu he mo e, we ha e he de ini ion o capi al gains G
(8) G = qA whe e q = dq/d
which can be w i en as
(9) G = l - qA = ( -i) I
This ollows om he de ini ion o he alua ion a io
(10) ~ qA/K
which gi es us an exp ession o q. The la e , a e di e en ia ing wi h
espec o ime, ea ing as a pa ame e and aking accoun o (5)
leads o (9).
The alua ion a io is an impo an concep in he p esen con ex . I
ep esen s he a io o he alue o he co po a e sec o as seen by he
s ock ma ke o he alue o he co po a e sec o as seen by he co po-
a e sec o i sel . qA is he o al numbe o sha es mul iplied by he
cu en p ice o sha es. qA is he esul o inancial ansac ions e-
lec ing income- and capi al gain-induced ne demand o sha es as well
as in es men -induced supply o sha es.
K, he denomina o o he alua ion a io is he alue o he co po a e
sec o as seen by i sel . K can be in e p e ed as a close ela i e o he
Hicksian concep s o o wa d- and backwa d-looking measu es o he
alue o capi al4.
4 Hicks (1973), pp. 157 - 63.
15 Zei sch i ü Wi scha s- und Sozialwissenscha en 1975/3
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226 Nikiaus Bla ne
J. Robinson poin ed ou al eady ha in equilib ium o wa d-
and backwa d-looking alues o capi al a e equal5. In a p o i -maxi-
mising sys em in es men is ca ied ou up o ha le el which leads o
he equalisa ion o expec ed p esen alues o in es men ne e u n
and o in es men cos . I we assume equilib ium in his sense K no
only measu es he backwa d-looking alue o co po a e asse s bu also
he o wa d-looking alue o he same asse s.
We now p oceed by s a ing he equilib ium condi ions. We can o mu-
la e wo o hem, namely he usual IS-condi ion being he condi ion o
ci cula low equilib ium o he economy as a whole, and a less usual
condi ion s anding o equilib ium in he s ock ma ke .
Ci cula low equilib ium equi es
I = Y + (1 - sw) R - (1 - sw) ( -i) I
o
(11) gK = swY + (1- sw) R
—
gK
(1 —
sw) ( - i) whe e g = UK
The second condi ion s a es ha in s ock ma ke equilib ium he o al
supply o sha es — i. e. emissions o new sha es by he co po a e sec o
plus dissa ing by wo ke s o cash in on capi al gains — mus be equal
o o al demand o sha es — i. e. wo ke s' sa ings ou o wages and
di idend income. We ha e
il +
(1
- sw) ( -i)I = swY - swR
o
(12) igK = swY
—
swR
—
gK
(1
- sw) ( - i)
Fo he pu poses o dis ibu ional analysis he dependen a iable is
he a e o p o i g = P/K. The solu ion o he wo equilib ium con-
di ions yields
_
g
x
[1
+
(1
- sw) ( - i)] - sw
(13) x(l-sw)
whe e x = K/Y
o ci cula low o IS-equilib ium and
-
Q
« [i + (1 - sw) ( - i)] + sw
(14) p
—
o s ock ma ke o AM-equilib ium.
5 J. Robinson (1953-4), p. 51, w i es: In equilib ium "... he a e o p o i
uling oday is he a e which was expec ed o ule oday when he decision
o in es in any capi al good now ex an was made, and he expec ed u u e
eceip s, capi alised a he cu en a e o p o i , a e equal o he cos o he
capi al goods which a e expec ed o p oduce hem".
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Co po a e Finance and Income Dis ibu ion in a C owing Economy 227
Gene al equilib ium equi es he simul aneous ul illmen o (13)
and (14).
This model seems o lead us somewha in o he neighbou hood o he
amilia Hicks-Hansen IS-LM app oach, bu i has o be made clea
ha his is no eally ue. While he IS-equilib ium ela ion is e y
much akin o he Hicks-Hansen IS- ela ion, he AM- ela ion has no
much in common wi h hei LM- ela ion. Thei LM- ela ion s a es he
equilib ium p ope ies o he money ma ke and is he e o e de e -
mined by money supply and demand o money o ansac ion and
specula i e pu poses. Ou AM- ela ion e lec s he equilib ium in he
s ock ma ke which is a ma ke o p ope y igh s in a model igno ing
money in he sense o an ins umen use ul o ansac ion pu poses.
In wha ollows we a e going o discuss al e na i e applica ions o
he model p esen ed so a . In (13) and (14) he e a e six po en ially in-
dependen a iables, i. e. g, x, sw, i, and o which we ha e o assume
i e as cons an in o de o sol e he wo equa ions implying he gene al
equilib ium alues o g and o he independen a iable chosen. No
e e y selec ion made leads o he same heo e ical insigh s. The selec ion
is impo an and has o be p ope ly de ended by heo e ical a gumen
and — ul ima ely — empi ical judgmen .
3. The Kaldo ian Solu ion
Kaldo , o whom he o mal s uc u e o he basic model discussed
is due6, sugges s g as dependen and as independen a iables and
ea s he es as pa ame e s7.
The IS- ela ion (13) becomes
g
K [1
—
i
(1 —
sw)]
—
sw g
(15) e = '= ^
—
+ -z-
x
(1
- sw)
and he e o mula ed AM- ela ion is
1
—
g x i (1
—
sw) a
(16) q= - — —
u
x sw
The IS- ela ion (15) and he AM- ela ion (16) a e ep esen ed g aphi-
cally in Figu e 1.
« Kaldo (1966) pp., 307 - 13.
7 This p ocedu e appea s o be odd i we emembe ha he de i a ion o
(9) which is inco po a ed in (15) as well as in (16) is based on he assump ion
o a cons an .
15*
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228 Nikiaus Bla ne
p
AM
IS
0 V
Figu e 1
Wha is he economic jus i ica ion o he posi i e slope o he IS-
cu e and o he nega i e slope o he AM-cu e? Le us discuss he
IS- ela ion i s . I he alua ion a io ises, sha e holde s a e ex-
pe iencing capi al gains (see equa ion 9) and a e, he e o e, inc easing
hei dissa ing. This all in wo ke s' ne sa ing can be compensa ed by
a edis ibu ion o income om wages o p o i s. I p o i s and hence q
inc ease, e ained ea nings a e going up. This p ocess only s ops when
o al sa ings, i. e. pe sonal sa ings by wo ke s and sa ings in o m o
e ained ea nings by he co po a e sec o ha e eached he ini ial high
again.
In he s ock ma ke ising p o i s, i. e. ising g, a e des abilising. An
inc ease in he alua ion a io leads o ealisa ions o capi al gains and
o a supply o mo e sha es. These addi ional sha es can only be ab-
so bed by addi ional sa ings ou o wo ke s' income. This means ha
wages mus ise o ha he p o i a e q mus all i shall be able o
s ay a inc eased le el.
The i s equi emen o an in e sec ion o he IS- and he AM- e-
la ion in he posi i e ange o - and g- alues is
g x
[1
- i
(1
- sw)] -
s,(
'w 1
—
g x
x{ 1 - sw)
which can be educed o
(17.1) gx
EE
o < 1
The second equi emen is
g x
[1
- i
(1
- sw)] -sw (1 - g xi) sw
g x(l-sw) g x (1 - sw)
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Co po a e Finance and Income Dis ibu ion in a G owing Economy 229
This means ha he IS-cu e has o in e sec he x-axis le om
he in e sec ion poin o he AM-cu e. This condi ion can be educed o
(17.2) i < 1
By sol ing (15) and (16) simul aneously we each he gene al equili-
b ium alues
*
(18) 2* =
and
(19)
g
k
l -sw gx
These alues a e exp essions o s able equilib ium. This can be made
clea by in oducing specula o s and by desc ibing he consequences o
ising expec a ions in he s ock ma ke .
The specula o s a e adding sha es o hei s ocks because hey expec
u he p ice inc eases o occu . This bull ma ke leads o capi al gains
and hese imply an inc ease in q in o de o keep o al sa ings a hei
ini ial le el. Bu while his edis ibu ion has secu ed IS-equilib ium
he si ua ion in he s ock ma ke becomes mo e and mo e despe a e. A
ising Q implies a educ ion in wo ke s' sa ings and hence in demand
o sha es and unless specula o s a e accele a ing hei own pu chases
o sha es ( > *) canno be kep o long. A look a (19) shows ha
only a ise in he wo ke s' p opensi y o sa e and/o a decline in o = g x,
g and/o x can e e jus i y he specula o s' ac ion.
The esul s (18) and (19) a e gi en by Kaldo who calls (18) a Neo-
Pasine i Theo em8. This, i seems o us, is a kind o an exagge a ion.
Fi s o all, wo ke s a e he only sha eholde s apa om he quan i-
a i ely negligible specula o s and al hough hei sa ing p opensi y sw
does no show up in (18) hei in luence s ill ma e s inso a hey a e ol-
e a ing a ce ain alue o he e en ion a io o be ixed by managemen .
Secondly, we wonde wha bea ing his ype o model could e e ha e
on he con o e sy a ound he Pasine i pa adox. Pasine i and An i-
Pasine i esul s eme ge in esponse o al e na i e s eady s a e alues o
weal h dis ibu ion9. In he p esen model in he in e p e a ion o which
we ha e ied o s ay as much as possible wi hin he bounds o explici
heo ising he e is only one signi ican g oup o weal h owne s: wo ke s.
Howe e , we may s ill wan o look o some kind o Pasine i in e -
p e a ion o (18). In his case we could hi dly poin o he ac ha
8 Kaldo (1966), especially oo no e 8, p. 311.
®
See Meade (1963).
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230 Nikiaus Bla ne
inso a as wo ke s as sha eholde s do no con ol managemen ac ion,
i. e. he de e mina ion o he e en ion a io , he unc ional dis ibu ion
o income is independen o wo ke s' beha iou . Bu so a , he Be le
and Means diagnosis o a sepa a ion o owne ship om con ol canno
be mo e han wha we may call one o he s ylised ac s o manage ial
economics10.
The g ea es di icul y in connec ion wi h he Kaldo ian solu ion dis-
cussed so a is his use o he alua ion a io as an independen a iable.
To his we u n in he ollowing pa ag aph.
4. The Doub ul Rele ance
o he Valua ion Ra io as an Independen Va iable
Kaldo is using he alua ion a io as an independen a iable in
o de o sol e he basic model. Can his be jus i ied on he basis o ou
in e p e a ion o he alua ion a io? Can a y eely o a e he e
limi s o be conside ed?
We hink ha he e a e limi s and p e y se e e ones e en. Ou
a gumen goes as ollows:
A changing alue o implies changing cos o in es men inance. I
we ake (10) and exp ess i in e ms o p opo iona e a es o g ow h
we ind
l = q/q + A/A - K/K
I we accep he di e ence be ween g ow h in he numbe o sha es
(A/A) and g ow h o asse s (K/K) as gi en, g ow h o he alua ion a io
( / ) is in p opo ion o he g ow h o sha e p ice (q/q).
A ising alua ion a io — based on ising sha e p ice — implies ha
he co po a e sec o has o sell less sha es in o de o inance he same
amoun o in es men . Gi en a ce ain cus oma y amoun o di idends
o be paid ou pe sha e he cos o in es men inance is educed. The
opposi e applies o a down u n o he alua ion a io.
Ou in e p e a ion o K, he denomina o o , ca ied he s a emen
ha he co po a e sec o is in es ing up o he poin whe e he o wa d-
looking alue o i s capi al is equal o capi al cos . This ollows om
he assump ion o p o i maximisa ion. In es men plans a e in equilib-
ium only i o wa d- and backwa d-looking alues o capi al a e equal.
I he o wa d-looking alue is g ea e han he backwa d-looking one,
inc eased in es men is p o i able and ice e sa. In es men in (3) has
been assumed cons an , i. e. cons an a he p e ailing o wa d- and
backwa d-looking e alua ions o capi al by he co po a e sec o .
Fo a e se c i icism o his s ylised ac , see Tullock (1969).
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Co po a e Finance and Income Dis ibu ion in a G owing Economy 237
7. Conclusions
We eel ha he e a e implica ions o he Ma is ype o heo ies o
mic o as well as o mic o-mac o g ow h and dis ibu ion ha sugges
he necessi y o e iew he use made o he concep o he alua ion
a io. Ce ainly mo e weigh has o be placed on he alua ion a io as
indica ing he cos o inance. This could be done by inco po a ing an
explici in es men unc ion in o he models o he heo y o manage ial
economics.
The dis ibu ional esul s wo ked ou abo e— see equa ions (23) - (29) —
poin o he impo ance o wo hings: O some impo ance is he
knowledge o he ac ual alue o he alua ion a io. O o e iding
impo ance, howe e , is he unde s anding o he p ocesses a wo k
when he co po a ions ix hei inancial policies ( and i). Is owne ship
eally sepa a ed om con ol and i so, how does his a ec co po a e
inance and, hence — along he lines discussed —, dis ibu ion?
Summa y
Wi hin a amewo k o mula ed by Kaldo he e ec s o co po a e inance
on income dis ibu ion a e in es iga ed. The discussion shows he impo -
ance o he assump ions on he wo king o he capi al ma ke . The de e -
mina ion o he a io o he sha e alue o he alue o eal capi al o he
co po a e sec o is c ucial. Conside ably di e en in e p e a ions o he model
ollow om ea ing his a io ei he as an endogenous a iable o as a pa-
ame e . The esul s also highligh he impo ance o he alleged sepa a ion
o owne ship om con ol. I his sepa a ion a ec s co po a e inance i also
in luences income dis ibu ion.
Zusammen assung
Die Ve eilungswi kungen de un e nehme ischen Selbs inanzie ung we -
den im Rahmen eines on Kaldo o mulie en Modells un e such . Dabei
wi d die Wich igkei de Annahmen übe die Funk ionsweise des Kapi al-
ma k es deu lich. Die Bes immung des Ve häl nisses zwischen dem Ak ien-
we und dem Realkapi alwe des Un e nehmenssek o s is dabei en schei-
dend. Es e geben sich ganz un e schiedliche In e p e a ionen, je nach dem
ob dieses Ve häl nis endogen e klä ode als Pa ame e o gegeben wi d.
Die E gebnisse zeigen daneben die Bedeu ung de Behaup ung on de T en-
nung on Eigen um und Kon olle. Falls die T ennung die Selbs inanzie ung
angie , beein luß sie auch die Einkommens e eilung.
Li e a u e
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