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Factors generating and transmitting the financial crisis; Functional distribution of income

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  • Jo Michell

    (University of the West of England.)

Abstract

The distribution of income between capital and labour has, until very recently, been ignored by the majority of the economics profession. At the same time, the rate of wage growth has systematically lagged the growth of productivity, leading to a fall in the share of wages in total income. This paper considers the links between shifts in the functional distribution of income, rising personal income inequality and the mechanisms which led to the financial crisis of 2007-2008. The paper argues that the most widespread explanation for increasing inequality - increasing demand for skilled labour due to technological change - is not convincing, and that political factors have played an important role. Mechanisms by which inceasing inequality feed through into financial instability are considered. These include debt as an insurance mechanism against greater income volatility; debt as an adjunct to emulative consumption behaviour; debt as a political tool to defuse the growing gap between wages and productivity; and debt as a way to overcome the stagnationary macroeconomic effects of rising inequality.

Suggested Citation

  • Jo Michell, 2014. "Factors generating and transmitting the financial crisis; Functional distribution of income," Working papers wpaper41, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper41
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    Cited by:

    1. Jo Michell, 2014. "A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations," Working Papers PKWP1412, Post Keynesian Economics Society (PKES).
    2. Ricardo Barradas, 2019. "Financialization and Neoliberalism and the Fall in the Labor Share: A Panel Data Econometric Analysis for the European Union Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(3), pages 383-417, September.
    3. Eckhard Hein, 2015. "Causes and Consequences of the Financial Crisis and the Implications for a More Resilient Financial and Economic System: Synthesis of FESSUD Work Package 3," Working papers wpaper128, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    4. Hein, Eckhard, 2016. "Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system," IPE Working Papers 61/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    More about this item

    Keywords

    Aggregate Factor Income Distribution; Financial Crises;

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • G01 - Financial Economics - - General - - - Financial Crises

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