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Growth and income distribution with the dynamics of power in labour and goods markets

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  • Michael Assous
  • Amitava Krishna Dutt

Abstract

The interaction between economic growth and income distribution is examined using Kaleckian/post-Keynesian models in which there are lags in investment and in which the dynamics of income distribution between wages and profits depends on changes in power relations in both the labour market and goods market. By examining these two influences on distributional dynamics simultaneously, the relative strength of which can change over the growth process, it is shown that the growth-distributional dynamics can involve non-linearities, multiple equilibria and instability. The implications of policy-induced changes—including those in macroeconomic policy and labour market and antitrust policies—on aggregate demand and distribution are examined for both wage-led and profit-led growth regimes. Copyright , Oxford University Press.

Suggested Citation

  • Michael Assous & Amitava Krishna Dutt, 2013. "Growth and income distribution with the dynamics of power in labour and goods markets," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(6), pages 1407-1430.
    • Handle: RePEc:oup:cambje:v:37:y:2013:i:6:p:1407-1430
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    File URL: http://hdl.handle.net/10.1093/cje/bes086
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    Citations

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    Cited by:

    1. Amitava Krishna Dutt, 2017. "Heterodox Theories Of Economic Growth And Income Distribution: A Partial Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1240-1271, December.
    2. Yannis Dafermos, 2018. "Debt cycles, instability and fiscal rules: a Godley–Minsky synthesis," Cambridge Journal of Economics, Oxford University Press, vol. 42(5), pages 1277-1313.
    3. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2016. "Growth, Exploitation and Class Inequalities," Discussion Paper Series 636, Institute of Economic Research, Hitotsubashi University.
    4. Hein, Eckhard, 2016. "The Bhaduri/Marglin post-Kaleckian model in the history of distribution and growth theories: An assessment by means of model closures," IPE Working Papers 66/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Carrillo-Maldonado, Paul & Nikiforos, Michalis, 2024. "Estimating a Time-Varying Distribution-Led Regime," Structural Change and Economic Dynamics, Elsevier, vol. 68(C), pages 163-176.
    6. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    7. Velázquez Orihuela, Daniel, 2023. "Distribución y crecimiento en economías abiertas: una explicación pos-kaleckiana," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 42(75), pages 17-43, January.
    8. Piero Ferri & Fabio Tramontana, 2022. "Autonomous demand, multiple equilibria and unemployment dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 209-223, January.
    9. Betül Mutlugün, 2022. "Endogenous income distribution and aggregate demand: Empirical evidence from heterogeneous panel structural vector autoregression," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 583-637, May.
    10. Michalis Nikiforos, 2017. "Uncertainty and Contradiction: An Essay on the Business Cycle," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(2), pages 247-264, June.
    11. Paul Carrillo‐Maldonado, 2023. "Partial identification for growth regimes: The case of Latin American countries," Metroeconomica, Wiley Blackwell, vol. 74(3), pages 557-583, July.
    12. Michalis Nikiforos, 2015. "Uncertainty and Contradiction: An Essay on the Business Cycle," Working Papers 1514, New School for Social Research, Department of Economics.

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