Macroeconomic Structure, Endogenous Technical Change and Growth
This paper shows the relevance of the macroeconomic structure that governs short-term changes in aggregate demand and income distribution in the determination of long-term growth rates. It develops a new growth model by introducing endogenous technical change into a Keynesian/Marxist synthesis model of accumulation and distribution. This model has multiple equilibria--a high-growth equilibrium that is stable if rising wage share leads to an increase in investment and real wages are somewhat rigid and a low-growth equilibrium that is stable under opposite circumstances. Based on this result, the paper discusses how institutions and history matter in long-term growth. Copyright 1994 by Oxford University Press.
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Volume (Year): 18 (1994)
Issue (Month): 2 (April)
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