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We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income...
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Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital. Traditional capital and labor are imperfect substitutes...
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-Management). Das Modell ergänzt die herkömmlichen Überlegungen zur funktionalen Einkommensverteilung um die personale … Einkommensverteilung. Im Rahmen eines solchen Modells kann gezeigt werden, dass Veränderungen in der personalen Einkommensverteilung dazu … Kapitalisten hat. Veränderungen zugunsten der Mittelklasse führen nicht notwendigerweise zu höherem Wirtschaftswachstum und …
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This paper analyzes the role of income distribution in macroeonomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance with empirical evidence concerning the correlation between income distribution and output, an economy...
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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...
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