Economic class and the distribution of income: a time-series analysis of the UK economy, 1955--2010
This paper contributes to our understanding of the determinants and dynamics of surplus-value using quarterly UK data, 1955--2010, and the Johansen (1988, 1991) cointegration and vector error correction model (VECM). A model is introduced to define this Marxian concept, before we explain distribution, paying attention to three forces that are traditionally seen as drivers of power in this struggle: (i) working class militancy; (ii) the size of the ‘reserve army’ of the unemployed; and (iii) political party. Our results demonstrate the ongoing relevance of Marxian economics in providing an alternative, robust and significant explanation of distribution in the post-war UK economy.
Volume (Year): 26 (2012)
Issue (Month): 5 (October)
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