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Managerial Pay (Cadrisme) and the Post Keynesian Growth Model

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  • Thomas I. Palley

    () (New America Foundation, Washington DC)

Abstract

This paper examines the effects of managerial pay on the Post Keynesian model of growth and distribution. Introducing managerial pay explains why economies may exhibit both wage- and profit-led characteristics in response to changed income distribution. Second, managerial pay undoes Pasinetti's (1961/2) theorem regarding the irrelevance of worker saving behavior for long run growth outcomes. Third, managerial pay links neo-classical Marxist theory with Post Keynesian growth theory. Neo-classical Marxists focus on why firms may choose inefficient production techniques. Similar logic carries over to Post Keynesian growth theory and firms may choose techniques that lower growth because they increase profits.

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File URL: http://www.boeckler.de/pdf/p_imk_wp_9_2010.pdf
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Bibliographic Info

Paper provided by IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute in its series IMK Working Paper with number 9-2010.

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Length: 34 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:imk:wpaper:9-2010

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Keywords: Post Keynesian growth theory; managerial pay; neo-classical Marxism;

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Cited by:
  1. Petra Duenhaupt, 2011. "The Impact of Financialization on Income Distribution in the USA and Germany: A Proposal for a New Adjusted Wage Share," IMK Working Paper 7-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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