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.
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Volume (Year): 26 (2012)
Issue (Month): 5 (October)
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References listed on IDEAS
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- Weisskopf, Thomas E, 1979. "Marxian Crisis Theory and the Rate of Profit in the Postwar U.S. Economy," Cambridge Journal of Economics, Oxford University Press, vol. 3(4), pages 341-378, December.
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- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
- Roemer, John E, 1982. "Exploitation, Alternatives and Socialism," Economic Journal, Royal Economic Society, vol. 92(365), pages 87-107, March. Full references (including those not matched with items on IDEAS)
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