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Factor substitution, income distribution, and growth in a generalized neoclassical model
Irmen, Andreas; Klump, Rainer - 2007 - This Version: October 16, 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10003592897
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good … increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialize in material goods production …
Persistent link: https://www.econbiz.de/10011401020
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Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model
Irmen, Andreas; Klump, Rainer - 2021
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10013316692
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Weaknesses of 'wage-led growth'
Skott, Peter - 2016
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...
Persistent link: https://www.econbiz.de/10011522218
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Factor income distribution and endogenous economic growth : when Piketty meets Romer
Irmen, Andreas; Tabaković, Amer - 2016
We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …
Persistent link: https://www.econbiz.de/10011568791
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good … increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialize in material goods production …
Persistent link: https://www.econbiz.de/10011398011
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The middle class in macroeconomics and growth theory : a three class neo-Kaleckian-Goodwin model
Palley, Thomas I. - 2013
Beschäftigung, noch nutzen sie zwangläufig der Arbeiterklasse. …
Persistent link: https://www.econbiz.de/10010240799
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Growth and distribution in low income economies : modifying post Keynesian analysis in light of theory and history
Razmi, Arslan - 2015
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...
Persistent link: https://www.econbiz.de/10011522170
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Rethinking wage vs. profit-led growth theory with implications for policy analysis
Palley, Thomas I. - 2014
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...
Persistent link: https://www.econbiz.de/10010458230
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A classical-Marxian model of education, growth and distribution
Dutt, Amitava Krishna; Veneziani, Roberto - 2010 - Rev. August 2010
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...
Persistent link: https://www.econbiz.de/10008758086