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GOODWIN CYCLES, DISTRIBUTIONAL CONFLICT AND PRODUCTIVITY GROWTH
Author(s) -
Rezai Armon
Publication year - 2012
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.2011.04144.x
Subject(s) - economics , inflation (cosmology) , productivity , technical change , investment (military) , distribution (mathematics) , wage , income distribution , macroeconomics , keynesian economics , monetary economics , labour economics , inequality , mathematical analysis , physics , mathematics , politics , theoretical physics , political science , law
A combination of an investment‐driven macroeconomy and a conflict‐determined income distribution gives cyclical behavior. Models of wage–price inflation can be nested in the Goodwinian tradition. Endogenous technical change has ambiguous effects on equilibrium: Kaldor–Verdoorn effects increase the wage share's responsiveness to changes in output, while labor‐saving technical change reduces it.