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Goodwin Cycles, Distributional Conflict, and Productivity Growth

Author

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  • Armon Rezai

    () (Department of Socio-Economics, Vienna University of Economics and Business)

Abstract

A combination of an investment-driven macroeconomy and a conflictdetermined income distribution gives cyclical behavior. Models of wage-price inflation can be nested in the Goodwinian tradition. Endogenous technical change has ambiguous effects on equilibrium: Kaldor-Verdoorn effects increase the wage share’s responsiveness to changes in output, while labor-saving technical change reduces it.

Suggested Citation

  • Armon Rezai, 2011. "Goodwin Cycles, Distributional Conflict, and Productivity Growth," Working Papers 1110, New School for Social Research, Department of Economics.
  • Handle: RePEc:new:wpaper:1110
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    File URL: http://www.economicpolicyresearch.org/econ/2011/NSSR_WP_102011.pdf
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    References listed on IDEAS

    as
    1. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
    2. Engelbert Stockhammer & Özlem Onaran & Stefan Ederer, 2009. "Functional income distribution and aggregate demand in the Euro area," Cambridge Journal of Economics, Oxford University Press, vol. 33(1), pages 139-159, January.
    3. Engelbert Stockhammer & Robert Stehrer, 2011. "Goodwin or Kalecki in Demand? Functional Income Distribution and Aggregate Demand in the Short Run," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 506-522, December.
    4. Nelson H. Barbosa-Filho & Lance Taylor, 2006. "Distributive And Demand Cycles In The Us Economy-A Structuralist Goodwin Model," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 389-411, July.
    5. Daniele Tavani & Peter Flaschel & Lance Taylor, 2011. "Estimated non-linearities and multiple equilibria in a model of distributive-demand cycles," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(5), pages 519-538, October.
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    Citations

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    Cited by:

    1. Marwil J. Dávila-Fernández & Serena Sordi, 2017. "Distributive cycles and endogenous technical change in a BoPC growth model," Department of Economics University of Siena 760, Department of Economics, University of Siena.
    2. Xiao Jiang, 2015. "Endogenous Cycles and Chaos in a Capitalist Economy: A Circuit of Capital Model," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 123-157, February.
    3. Jaylson Jair da Silveira & Gilberto Tadeu Lima, 2016. "Effort Elicitation, Wage Differentials and Income Distribution in A Wage-Led Growth Regime," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 44-75, February.
    4. Greg Hannsgen & Tai Young-Taft, 2015. "Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model: The Unit of Account, Inflation, Leverage, and Financial Fragility," Economics Working Paper Archive wp_839, Levy Economics Institute.
    5. Joao Paulo A. de Souza, 2014. "Real wages and labor-saving technical change: evidence from a panel of manufacturing industries in mature and labor-surplus economies," UMASS Amherst Economics Working Papers 2014-03, University of Massachusetts Amherst, Department of Economics.

    More about this item

    Keywords

    Goodwin Cycles; Wage-Price Spirals; Demand Regimes; Profit Squeeze; Endogenous Technical Change; Kalecki-Keynes model;

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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