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Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into the macroeconomic effects of income distribution. The cost of modifying existing models is low...
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to underestimate of the rates of growth of real GDP, real personal income, and productivity. That underestimation is … recent slowdown in measured productivity but that subject is discussed briefly …
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to underestimate of the rates of growth of real GDP, real personal income, and productivity. That underestimation is …This paper is not about the recent slowdown in measured productivity but that subject is discussed briefly …
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