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Goodwin or Kalecki in Demand? Functional Income Distribution and Aggregate Demand in the Short Run

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Author Info
Engelbert Stockhammer
Robert Stehrer

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Abstract

In a seminal paper on Marxian business cycle theory, Richard Goodwin (1967) presented a model which assumed that a higher wage share leads to lower investment and thus a general economic slowdown. In contrast, Michal Kalecki (1971) argued that a higher wage share would have an expansionary effect because the consumption propensity out of wage income is higher than that out of profit income. Based on a general model that allows for wage-led as well as profit-led demand regimes, this paper estimates the effects of a change in the wage share on aggregate private domestic demand with quarterly data for 12 OECD countries.

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Publisher Info
Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp203.

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Date of creation: 2009
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Handle: RePEc:uma:periwp:wp203

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Related research
Keywords: functional income distribution; demand; Goodwin cycle; Kalecki; Post Keynesian economics; Marxian economics;

Find related papers by JEL classification:
E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E25 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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This page was last updated on 2009-11-21.

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