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• W2096194854 abstract "In a seminal paper on Marxian business cycle theory, Goodwin (1967) presented a model which assumed that a higher wage share leads to lower investment and thus a general economic slowdown. In contrast Kalecki (1971) was arguing that a higher wage share would have an expansionary effect because the consumption propensity out of wage income is higher than that out of profit income. Based on a general model that allows for wage-led as well as profit-led demand regimes, this paper estimates the effects of a change in the wage share on aggregate private domestic demand with quarterly data for 12 OECD countries. JEL classification: E11, E12, E20, E22, E25" @default.
• W2096194854 created "2016-06-24" @default.
• W2096194854 creator A5008415036 @default.
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• W2096194854 date "2011-03-28" @default.
• W2096194854 modified "2023-09-26" @default.
• W2096194854 title "Goodwin or Kalecki in Demand? Functional Income Distribution and Aggregate Demand in the Short Run" @default.
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• W2096194854 doi "https://doi.org/10.1177/0486613411402642" @default.
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