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Goodwin Cycles, Distributional Conflict And Productivity Growth

Author

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  • Armon Rezai

Abstract

A combination of an investment-driven macroeconomy and a conflict determined income distribution gives cyclical behavior. Models of wage-price inflation can be nested in the Goodwinian tradition. Endogenous technical change has ambiguous effects on equilibrium: Kaldor-Verdoorn effects increase the wage share’s responsiveness to changes in output, while labor-saving technical change reduces it.
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Suggested Citation

  • Armon Rezai, 2012. "Goodwin Cycles, Distributional Conflict And Productivity Growth," Metroeconomica, Wiley Blackwell, vol. 63(1), pages 29-39, February.
    • Handle: RePEc:bla:metroe:v:63:y:2012:i:1:p:29-39
    DOI: j.1467-999X.2011.04144.x
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    File URL: http://hdl.handle.net/10.1111/j.1467-999X.2011.04144.x
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    Cited by:

    1. Andrea Borsato, 2022. "An agent-based model for Secular Stagnation in the USA: theory and empirical evidence," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1345-1389, September.
    2. Dávila-Fernández, Marwil J. & Sordi, Serena, 2019. "Distributive cycles and endogenous technical change in a BoPC growth model," Economic Modelling, Elsevier, vol. 77(C), pages 216-233.
    3. Xiao Jiang, 2015. "Endogenous Cycles and Chaos in a Capitalist Economy: A Circuit of Capital Model," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 123-157, February.
    4. Jaylson Jair da Silveira & Gilberto Tadeu Lima, 2016. "Effort Elicitation, Wage Differentials and Income Distribution in A Wage-Led Growth Regime," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 44-75, February.
    5. Greg Hannsgen & Tai Young-Taft, 2015. "Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model: The Unit of Account, Inflation, Leverage, and Financial Fragility," Economics Working Paper Archive wp_839, Levy Economics Institute.
    6. Joao Paulo A. de Souza, 2014. "Real wages and labor-saving technical change: evidence from a panel of manufacturing industries in mature and labor-surplus economies," UMASS Amherst Economics Working Papers 2014-03, University of Massachusetts Amherst, Department of Economics.
    7. Dávila-Fernández, Marwil J. & Sordi, Serena, 2019. "Path dependence, distributive cycles and export capacity in a BoPC growth model," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 258-272.

    More about this item

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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