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...

We analyze an economy in which sectors are heterogeneous with respect to the intensity of natural resource use. Long-term dynamics are driven by resource prices, sectoral composition, and directed technical change. We study the balanced growth path and determine stability conditions. Technical...

Neo-Kaleckian literature has actively debated whether growth is wage- or profit-led in capitalist economies. However, existing studies tend to ignore the non-tradable sector and heterogeneity within the tradable sector. This paper shows that incorporating these features renders wage-led growth...

This paper provides new evidence on the long-run relationship between economic growth and labor's share in national income, based on a comprehensive panel data set for 123 countries from 1950 to 2004. Xie's primary finding is that labor's share follows a cubic relationship with real GDP per...

This paper assesses various critiques that have been leveled over the years against Thirlwall's Law and the balance-of-payments constrained growth model. It starts by assessing the criticisms that the law is largely capturing an identity; that the law of one price renders the model incoherent;...

This paper studies the impact of inequality in capital and land distribution on the pace of industrialization, thereby explaining the role of wealth inequality in the Great Divergence phenomenon. We build a two-sector unified growth model, in which the outcome of public policy contest between...

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...

In this paper we have put forward a model of basic research and long-run economic growth in which the system of incentives to scientific work may produce positive feedbacks and increasing returns. The organization of basic research presents both real and non-real incentives to workers. The state...

Nicholas Kaldor who is one of the most important Post-Keynesian Economic School and whose thesis about industry and growth has played a crucial role for growth theories and this research based on that thesis. Kaldorian growth theory also known as “engine of growth” theory why Kaldor has...

In this paper we introduce a labor supply based on Malthusian ideas in the Solow-Swan growth model (without technical progress). We show that this model may yield several steady state values of per capita income and that an increase in total factor productivity might decrease the capital-labor...