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"What Do We Know About the Labor Share and the Profit Share? Part I: Theories"

Giovannoni, Olivier - Levy Economics Institute - 2014

This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income--the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the...

Persistent link: https://www.econbiz.de/10010775075

"What Do We Know About the Labor Share and the Profit Share? Part II: Empirical Studies"

Giovannoni, Olivier - Levy Economics Institute - 2014

In this second part of our study we survey the rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international trade, and financialization. All contribute to the fluctuations of the labor share,...

Persistent link: https://www.econbiz.de/10010775077

"What Do We Know About the Labor Share and the Profit Share? Part III: Measures and Structural Factors"

Giovannoni, Olivier - Levy Economics Institute - 2014

points since 1980. This amounts to a transfer of $1.8 trillion from labor to capital in 2012 alone and brings the US labor …

Persistent link: https://www.econbiz.de/10010776492

"A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India"

Felipe, Jesus; Kumar, Utsav - Levy Economics Institute - 2010

’s capital share increased from 40 to 74 percent over the same period. We also find that real wages have increased minimally … during the period analyzed—well below labor productivity—while the real profit rate and unit capital costs have increased … increase in unit capital costs. Our analysis questions policy recommendations that advocate wage moderation, which result from …

Persistent link: https://www.econbiz.de/10008678208

"Distribution and Growth: A Dynamic Kaleckian Approach"

Patriarca, F.; Sardoni, C. - Levy Economics Institute - 2011

This paper studies the effects of an (exogenous) increase of nominal wages on profits, output, and growth. Inspired by an article by Michal Kalecki (1991), who concentrated on the effects on total profits, the paper develops a model that explicitly considers the dynamics of demand, prices,...

Persistent link: https://www.econbiz.de/10010627285

"The (Normal) Rate of Capacity Utilization at the Firm Level"

Nikiforos, Michalis - Levy Economics Institute - 2012

-minimizing firm has an incentive to increase the utilization of its capital if the rate of the returns to scale decreases as its …

Persistent link: https://www.econbiz.de/10010627288

"Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning"

Tcherneva, Pavlina R. - Levy Economics Institute - 2013

The present paper offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the New Consensus...

Persistent link: https://www.econbiz.de/10010862120

"Reorienting Fiscal Policy after the Great Recession"

Tcherneva, Pavlina R. - Levy Economics Institute - 2012

The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the...

Persistent link: https://www.econbiz.de/10010548098

"Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model"

Tcherneva, Pavlina R. - Levy Economics Institute - 2012

This paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. This is an approach a la Hyman P. Minsky, who argued that in the modern era, government is both "a blessing and a curse," since it stabilizes profits...

Persistent link: https://www.econbiz.de/10009645847

"Growth with Unused Capacity and Endogenous Depreciation"

Patriarca, Fabrizio; Sardoni, Claudio - Levy Economics Institute - 2014

perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis that the rate of capital …

Persistent link: https://www.econbiz.de/10010757312