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Growth and distribution in low-income economies: modifying post-Keynesian analysis in light of theory and history

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  • Arslan Razmi

    (Department of Economics, University of Massachusetts at Amherst, MA, USA)

Abstract

Growth in low-income developing economies with large sectors characterized by underemployment is unlikely to be wage-led in the traditional neo-Kaleckian sense of the term. Output and employment in the sectors of the economy producing non-tradable output could be demand-led, however, and policies directly aimed at more equitable distribution in these sectors could boost long-run growth. Some of the fast-growing Asian economies may have been examples of relatively equitable growth which is not wage-led in the traditional neo-Kaleckian sense of the term. Over time, redistributive measures in the traditional sector, such as land reforms, could lead to faster wage and output growth across the economy.

Suggested Citation

  • Arslan Razmi, 2016. "Growth and distribution in low-income economies: modifying post-Keynesian analysis in light of theory and history," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(4), pages 429-449, October.
    • Handle: RePEc:elg:rokejn:v:4:y:2016:i:4:p429-449
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    More about this item

    Keywords

    demand regime; income distribution; wage-led growth; stagnationism; exhilarationism; neo-Kaleckian models; dependent economy models;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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