By A. P. Thirlwall (auth.)
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Labour's share will fall and the share of profits rise as long as (dwfw - dPfP) < drfr, that is as long as the real wage rises less than the growth of labour productivity. In a growing economy, therefore, there is no necessary clash between the real wage and profits. The real wage can rise and the share of profits in income can rise as long as some of the gains in labour productivity are appropriated by the capitalists. Secondly, it can be shown that, on the classical savings assumptions that the propensity to save out of profits is unity and the propensity to save out of wages is zero, the rise in the aggregate savings ratio will be equal to the fall in labour's share.
30) p p dt dt where R is bank reserves, and G is government investment. 31) where r is the fractional reserve ratio. 31) with respect to time gives dR dt dM dt -=r-. 34) gives the relation between the rate of growth of output and the rate of growth of the money supply. Assuming for 42 simplicity that the income velocity of money is constant (u=O), the rate of change of prices is equal to the difference between the rate of monetary expansion and the growthofrealoutput, that is p =m-y. 35) gives the relation between inflation and the credit-financed growth rate.
55 4 The Finance of Development from External Sources CAPITAL IMPORTS AND GROWTH If domestic saving is inadequate, developing countries can finance development by running an import surplus and attract resources from abroad to finance the balance-of-payments deficit. International grants, loans and private foreign investment constitute the main means of resource transfer. Capital imports to finance a balance-of-payments deficit act as a supplement to domestic saving. This is most easily seen using our previous growth formula (LJY/1') (IfLJr) = If1', where LJ1'j:f' is the output growth rate, IfLJ1' is the incremental capital-output ratio, and If r is the investment ratio.