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On the Dynamics of Profit- and Wage-led Growth

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Author Info
Amit Bhaduri () (University of Pavia, italy)
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/pdf/wp42.pdf
File Format: application/pdf
File Function: First version, 2007
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Publisher Info
Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series Working Papers with number 42.

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Length: 19 pages
Date of creation: Mar 2007
Date of revision:
Publication status: Published as wiiw Working Paper, March 2007
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

Find related papers by JEL classification:
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D33 - Microeconomics - - Distribution - - - Factor Income Distribution
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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This page was last updated on 2008-9-21.

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