Specifically, the modified Cambridge equation would take this peculiar form:
2.
If the government budget was not balanced, the Cambridge equation would take the following form:
3.
In fact, even though the Cambridge equation might not exactly determine the rate of profits, it would nevertheless determine its upper limit.
4.
Where " t p " is the tax rate ( average and marginal ) on taxes on profits ), we obtain the original Cambridge equation.
5.
Pasinetti entered the debate again in 1989 showing that-whether the government s budget was in deficit or surplus-the main results of the Cambridge equation hold.
6.
According to the Cambridge cash-balance theory, which is represented by the Cambridge equation, money's ability to store value is more important than its function as a medium of exchange.
7.
That is to say, " the original Cambridge equation can be said to refer to the rate of profit net of taxes ", not to " the rate of profit before taxes ".
8.
So, even if in the range of Samuelso and Modigliani the rate of profit were to be determined by the marginal productivities ( and not by the Cambridge equation as in the general case ), its scope would be extremely limited, being confined to a quasi knife-edge range:
9.
Assuming that the economy is at equilibrium ( M ^ { \ textit { d } } = M ), Y is exogenous, and " k " is fixed in the short run, the Cambridge equation is equivalent to the equation of exchange with velocity equal to the inverse of " k ":
10.
Although the expression of the capitalists propensity to save is not as simple as the original, the truly remarkable thing is that no matter what hypothesis are adopted about the government budget, the Cambridge equation continues to hold, by depending on the natural rate of growth divided by the capitalists'propensity to save, independently of workers'propensity to save and the technology.
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