Economic class and the distribution of income: a time-series analysis of the UK economy, 1955--2010
AbstractThis paper contributes to our understanding of the determinants and dynamics of surplus-value using quarterly UK data, 1955--2010, and the Johansen (1988, 1991) cointegration and vector error correction model (VECM). A model is introduced to define this Marxian concept, before we explain distribution, paying attention to three forces that are traditionally seen as drivers of power in this struggle: (i) working class militancy; (ii) the size of the ‘reserve army’ of the unemployed; and (iii) political party. Our results demonstrate the ongoing relevance of Marxian economics in providing an alternative, robust and significant explanation of distribution in the post-war UK economy.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal International Review of Applied Economics.
Volume (Year): 26 (2012)
Issue (Month): 5 (October)
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Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102219
Other versions of this item:
- Juan Carlos Cuestas & Bruce Philp, 2011. "Economic class and the distribution of income: A time-series analysis of the UK economy, 1955-2010," Working Papers 2011012, The University of Sheffield, Department of Economics, revised Apr 2011.
- D33 - Microeconomics - - Distribution - - - Factor Income Distribution
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
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