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Macroeconomics of distribution and growth

In: Handbook of Income Distribution

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  • Bertola, Giuseppe

Abstract

This chapter reviews various interactions between the distribution of income across individuals and factors of production on the one hand, and aggregate savings, investment, and macroeconomic growth on the other. Tractable models necessarily focus on specific causal channels within this complex web of interactions, and the survey is organized around a few relevant methodological insights. In a "neoclassical" economy where all intra- and intertemporal markets exist and clear competitively, all distributional issues should be resolved before market interactions address the economic problem of allocating scarce resources efficiently, and the dynamics of income and consumption distribution have no welfare implications. Other models, recognizing that market interactions need not maximize a hypothetical representative individual's welfare, let accumulated and nonaccumulated factors of production be owned by individuals with exogenously or endogenously different saving propensities, and feature interactions between the personal and functional distribution of resources and macroeconomic accumulation. Furthermore, rates of return to savings and investments are generally heterogeneous when they are only partially (if at all) interconnected by financial markets, as is the case in overlapping generation economies, in models with binding self-financing constraints, and in models where financial market imperfections let individual consumption flows be affected by idiosyncratic uncertainty. The chapter also reviews models where distributional tensions, far from being resolved ex ante, work their way through distortionary policies and market interactions to bear directly on both macroeconomic dynamics and income distribution. Finally, it relates theoretical insights to recent empirical work on cross-country growth dynamics and on relationships between within-country inequality and macroeconomic performance.

Suggested Citation

  • Bertola, Giuseppe, 2000. "Macroeconomics of distribution and growth," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 9, pages 477-540, Elsevier.
  • Handle: RePEc:eee:incchp:1-09
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    2. Cecilia García-Peñalosa, 2010. "Income distribution, economic growth and European integration," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 277-292, September.
    3. Gerry Redmond & Sylke Schnepf & Marc Suhrcke, 2002. "Attitudes to Inequality after Ten Years of Transition," Papers inwopa02/21, Innocenti Working Papers.
    4. Fischer, Thomas, 2017. "Thomas Piketty and the rate of time preference," Journal of Economic Dynamics and Control, Elsevier, vol. 77(C), pages 111-133.
    5. Josef ZweimüLler, 2000. "Inequality, Redistribution, and Economic Growth," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 27(1), pages 1-20, March.
    6. FUSCO Alessio & ISLAM Nizamul, 2012. "Understanding the drivers of low income transitions in Luxembourg," LISER Working Paper Series 2012-31, LISER.
    7. Foellmi, Reto & Zweimuller, Josef, 2004. "Inequality, market power, and product diversity," Economics Letters, Elsevier, vol. 82(1), pages 139-145, January.
    8. Riccarda Longaretti & Domenico Delli Gatti, 2002. "Monetary Policy and the Distribution of Wealth in a OLG Economy with Heterogeneous Agents, Money and Bequests," Working Papers 60, University of Milano-Bicocca, Department of Economics, revised Oct 2002.
    9. Hyejin Jung & Inseok Seo & Kyujin Jung, 2018. "Mediating Role of Entrepreneurship in Explaining the Association Between Income Inequality and Regional Economic Performance," Economic Development Quarterly, , vol. 32(2), pages 135-145, May.
    10. Andrés Rodríguez-Pose & Vassilis Tselios, 2010. "Inequalities in income and education and regional economic growth in western Europe," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(2), pages 349-375, April.
    11. André Albuquerque Sant’Anna & Carlos Eduardo Frickmann Young, 2007. "The Use Of Input-Output Analysis To Simulate Effects Of Income Redistribution On Economic Growth," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 110, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    12. Zweimuller, Josef, 2000. "Schumpeterian Entrepreneurs Meet Engel's Law: The Impact of Inequality on Innovation-Driven Growth," Journal of Economic Growth, Springer, vol. 5(2), pages 185-206, June.
    13. Riccarda Longaretti & Domenico Delli Gatti, 2006. "The Non-Superneutrality of Money and its Distributional Effects when Agents are Heterogeneous and Capital Markets are Imperfect," Working Papers 95, University of Milano-Bicocca, Department of Economics, revised May 2006.
    14. Sattinger, Michael, 2001. "A Kaldor Matching Model of Real Wage Declines," IZA Discussion Papers 380, Institute of Labor Economics (IZA).
    15. Sergio Espuelas Barroso & Margarita Vilar Rodriguez, 2008. "The determinants of social spending in Spain (1880-1960): Is Lindert right?," Working Papers in Economics 209, Universitat de Barcelona. Espai de Recerca en Economia.
    16. Daniele Checchi, 1999. "Inequality in Incomes and Access to Education. A Cross-Country Analysis (1960-90)," Working Papers 21, University of Milano-Bicocca, Department of Economics, revised May 1999.
    17. Pressman, Steven, 2005. "Income guarantees and the equity-efficiency tradeoff," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(1), pages 83-100, February.
    18. Miquel Pellicer & Vimal Ranchhod, 2012. "Inequality Traps and Human Capital Accumulation in South Africa," SALDRU Working Papers 86, Southern Africa Labour and Development Research Unit, University of Cape Town.

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