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Income Distribution, Macroeconomic Analysis and Barriers to Full Employment

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  • Malcolm Sawyer

Abstract

This paper seeks to reassert the significance of income distribution for macroeconomic analysis. It argues that the non accelerating inflation rate of unemployment, which has been central to mainstream macroeconomic analysis, should be viewed as a distributional constraint on the achievement of full employment with the implication that mechanisms to resolve distributional conflict without resort to the weapon of unemployment are requires if full employment is to be secured. The significance of income distribution for aggregate demand is then been examined, and it is argued that higher profit shares in the past 15 years have harmed the prospects for high levels of economic activity and employment, and that rising profitability does not appear to have stimulated investment. It is then finally argued that monetary policy should not be seen as a technical matter but rather as a policy with significant distributional impacts.

Suggested Citation

  • Malcolm Sawyer, 1998. "Income Distribution, Macroeconomic Analysis and Barriers to Full Employment," Journal of Income Distribution, Ad libros publications inc., vol. 7(2), pages 2-2, December.
    • Handle: RePEc:jid:journl:y:1998:v:07:i:2:p:2-2
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    File URL: http://jid.journals.yorku.ca/index.php/jid/article/view/644
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    Cited by:

    1. Hein, Eckhard, 2001. "Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union," WSI Working Papers 95, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    2. Hein, Eckhard, 2025. "Kaleckian economics after Kalecki: A survey," IPE Working Papers 257/2025, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Vasiliki Bozani, 2011. "NAIRU, Unemployment and Post Keynesian Economics," Working Papers 1104, University of Crete, Department of Economics.

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