A capital accumulation model of the workers' enterprise |
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Authors: | Koji Shimomura |
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Abstract: | This article formulates a capital accumulation model of the workers' enterprise in which the standard adjustment-costs theory of investment is introduced into Sertel's framework. The existence, uniqueness and local stability of the steady state are shown to be established under mild conditions and the long-run effects of changes in the price of output, the external wage rate and the interest rate on the volume of capital and the size of membership are examined. |
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