This paper (i) examines the role of income distribution in the determination of the average saving rate and the growth process in dual and mature economies, and (ii) revisits the Pasinetti and neo-Pasinetti theorems. The profit share may in uence saving because of differences in the saving rates...

This paper presents a three class growth model with labor market conflict. The classes are workers, a middle management middle class, and a "top" management capitalist class. The model introduces personal income distribution that supplements conventional concerns with functional income...

Growth in low-income developing economies with large sectors charac- terized by underemployment is unlikely to be wage-led in the traditional neo-Kaleckian sense of the term. Output and employment in the sectors of the economy producing non-tradable output could be demand-led, how- ever, and...

The emphasis in post-Keynesian macroeconomics on wage- versus profit- led growth may not have been helpful. The profit share is not an exogenous variable, and the correlations between the pro.t share and economic growth can be positive for some exogenous shocks but negative for others. The...

Tax changes are often announced before their implementation and are not permanent, but rather only temporary. Accordingly, R&D firms will optimally adjust their investment decisions to fit tax schedule changes. This study analyzes how changes in various tax rates relevant to corporate activities...

Using dynamic panel models with data for 62 developing countries, this paper examines whether growth in agriculture elicits growth in manufacturing. For identification, I use population-weighted, average temperature as an instrument for growth in agriculture. I identify large short-run effects:...

The distinction between wage-led and profit-led growth is a major feature of Post-Keynesian economics and it has triggered an extensive econometric literature aimed at identifying whether economies are wage or profit-led. That literature treats the economy's character as exogenously given. This...

This paper develops a classical-Marxian macroeconomic model to examine the growth and distributional consequences of education. First, the role of education in skill formation is considered and it is shown that an expansion in education will promote growth and have beneficial distributional...

This paper presents a neo-Kaleckian-Goodwin model of growth and distribution. The key innovation is the introduction of managerial pay. Kaleckian monopoly power determines the functional distribution of income and Goodwin labor bargaining power determines wage bill division. The model helps...

We consider three objects of people’s status preference, consumption, physical capital holding and money holding, and show that an economy grows or stagnates depending on which object people most seriously take as status. If the main object of status preference is consumption, a steady state...