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Innovations, wages, and profits

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  • Mario Pianta
  • Massimiliano Tancioni

Abstract

This paper investigates the dynamics of wages and profits and the influence innovation strategies have on them. The relationships between innovation, productivity, and distribution are modeled and estimated by employing panel data techniques. Two European innovation surveys (1994-96 and 1998-2000) are used with data at both the country and industry levels. Innovation is found to have positive effects on income dynamics beyond the role it has on productivity gains; it may weaken the distribution constraint posed by the competition between profits and wages. Profits are driven by both the Schumpeterian effects of new products and the diffusion effects of new technologies and production processes. Wages tend to grow faster in sectors where innovation expenditure is higher, but the factors affecting wages are different for high- and low-innovation sectors, suggesting that two contrasting models of technological and price competitiveness have important distributional implications.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 31 (2008)
Issue (Month): 1 (September)
Pages: 101-123

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Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:101-123

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

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Keywords: distribution; innovation; profits; wages;

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Cited by:
  1. Andrea Vaona, 2010. "On the gravitation and convergence of industry incremental rates of return in OECD countries," Working Papers 03/2010, University of Verona, Department of Economics.
  2. Villemeur, Alain, 2010. "Economic growth : a chain-reaction between increases in supply and increases in demand ?," Economics Papers from University Paris Dauphine 123456789/6516, Paris Dauphine University.
  3. Andrea Vaona, 2010. "On the gravitation and convergence of industry profit rates in Denmark, Finland, Italy and the US," Working Papers 02/2010, University of Verona, Department of Economics.
  4. Maurizio Franzini & Mario Pianta, 2011. "Explaining inequality in today’s capitalism," Working Papers 1108, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2011.
  5. Bogliacino, Francesco & Pianta, Mario, 2010. "Innovation and Employment: a Reinvestigation using Revised Pavitt classes," Research Policy, Elsevier, vol. 39(6), pages 799-809, July.

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