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On the Dynamics of Profit- and Wage-led Growth

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  • Amit Bhaduri
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    Abstract

    This paper examines how variable output and profit share jointly determine investment and saving, while the difference between investment and saving determines the changes in output and profit share. Analysis of the resulting pair of differential equations yields novel implications for the multiplier process. In this more general framework a number of separate strands of the Keynesian inspired literature can be understood. In particular the model incorporating both forced saving and profit squeeze analyses stability of the dynamical system to bring out the complex relation between in- and out-of-equilibrium profit- and wage-led regimes.

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    File URL: http://www.wiiw.ac.at/on-the-dynamics-of-profit-and-wage-led-growth-dlp-542.pdf
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    Bibliographic Info

    Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Working Papers with number 42.

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    Date of creation: Mar 2007
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    Publication status: Published as wiiw Working Paper
    Handle: RePEc:wii:wpaper:42

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    Related research

    Keywords: profit-led; wage-led; in- and out-of-equilibrium dynamics; local; Liapunov stability; stable-unstable bifurcation; forced saving; profit squeeze; multiplier;

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    References

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    1. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
    2. Amit Bhaduri & Kazimierz Laski & Martin Riese, 2006. "A Model Of Interaction Between The Virtual And The Real Economy," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 412-427, 07.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Doubts about wage-led growth
      by chris dillow in Stumbling and Mumbling on 2011-10-05 12:58:38
    2. RER targeting revisited (sólo econs)
      by Miguel Olivera in Exabruptos on 2010-04-14 06:50:00

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