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Equality-led development and the demand and supply side effects

Author

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  • Onaran, Özlem

Abstract

This contribution to the Forum Debate on global development focuses on the dimension of functional income distribution between labour and capital and its demand‐side and supply‐side effects. The article summarizes recent literature that has sought to explain the reasons behind the global fall in the labour share. It then discusses the demand‐side effects of the declining wage share on growth, based on the post‐Keynesian/post‐Kaleckian literature. The author presents an alternative policy scenario for the G20 based on a mix of increasing wage share and public investment, before discussing the supply‐side effects of rising inequality. The article concludes with some policy implications for equality‐led development.

Suggested Citation

  • Onaran, Özlem, 2019. "Equality-led development and the demand and supply side effects," Greenwich Papers in Political Economy 22390, University of Greenwich, Greenwich Political Economy Research Centre.
    • Handle: RePEc:gpe:wpaper:22390
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    File URL: http://gala.gre.ac.uk/id/eprint/22390/5/22390%20ONARAN_Equality-Led_Development_and_the_Demand_and_Supply_Side_Effects_2018.pdf
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    Cited by:

    1. Andy Sumner, 2024. "Unity in Diversity? Reflections on Development Studies in the Mid-2020s," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 36(5), pages 1280-1298, October.

    More about this item

    Keywords

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    JEL classification:

    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J7 - Labor and Demographic Economics - - Labor Discrimination
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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