In a simple one-sector, two-class, fixed-proportions economy, wages are set through axiomatic bargaining a`la Nash (1950). As for choice of technology, firms choose the direction of factor augmentations to maximize the rate of unit cost reduction (Kennedy 1964, and more recently Funk 2002). The...

The Goodwin (1967) model of the growth cycle assigns distributional conflict a central role in the dynamics of capital accumulation, but is silent on the determinants of technical change. Following Shah and Desai (1981), previous studies focused on the effects of the direction, or bias of...

An important question in alternative economic theories has to do with the relationship between the functional income distribution and the growth rate of labor productivity. According to both the induced innovation hypothesis and Marx-biased technical change, labor productivity growth should be...

This paper provides a further empirical evaluation of the Neoclassical theory of distribution as opposed to Marx-biased technical change (MBTC) by applying the theoretical and empirical framework developed by Foley and Michl (1999), Michl (1999, 2009) and Basu (2010) to a panel of countries....

In this paper, we introduce endogenous technological change through R&D expenditure on labor- augmenting innovation in the cyclical growth model by Goodwin (Goodwin, R. 1967. “A Growth Cycle.” In Socialism, Capitalism, and Economic Growth, edited by Carl Feinstein, Cambridge, UK: Cambridge...

In a simple one-sector, two-class, fixed-proportions economy, wages are set through (generalized) axiomatic bargaining a` la Nash (1950). As for choice of technology, firms choose the direction of factor augmentations to maxi- mize the rate of unit cost reduction (Kennedy, 1964, and more...