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• W2001921296 abstract "The aim of this paper is to study the effect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that emulation can play a crucial role in increasing workers' propensity to indebtedness. As a result, profits increase and so does the price level, thus generating a decline of the real wage. Moreover, the existence of indebtedness can provide a further solution to the so-called »paradox of profits« within the MTP." @default.
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• W2001921296 date "2010-05-01" @default.
• W2001921296 modified "2023-10-03" @default.
• W2001921296 title "Emulation, indebtedness and income distribution: A monetary theory of production approach" @default.
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• W2001921296 doi "https://doi.org/10.4337/ejeep.2010.01.12" @default.
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