Goodwin cycles and the U.S. economy, 1948-2004
AbstractThis paper provides empirical support for an interpretation of the Goodwin growth cycle as isolating the main forces underlying distributive conflict, but in a fragile symbiotic mechanism because of endogenous forces that modify the balance of class power. Goodwin cycles are the shorter run cycles that appear around a long run motion that is the product of structural change. The paper describes long run trends in the Goodwin variables in the US corporate economy from 1948 to 2004, which exhibit both a sharp break at the beginning of the 80s, and no long run cycles. Short run detrended Goodwin cycles are identified, which broadly coincide in period and timing with the NBER dating of (the troughs of) business cycles. The paper then divides the employed nonfarm private industry labour force into supervisory and nonsupervisory workers, and focuses on the latter. The same two conclusions apply.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30444.
Date of creation: 2006
Date of revision:
Goodwin growth cycle; wage share; US economy;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
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