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- W2397924432 abstract "The distinction between wage-led and profit-led growth is a major feature of Post-Keynesian economics and it has triggered an extensive econometric literature aimed at identifying whether economies are wage or profit-led. That literature treats the economy’s character as exogenously given. This paper questions that assumption and shows an economy’s character is endogenous and subject to policy influence. This generates a Post-Keynesian analogue of the Lucas critique whereby the econometrically identified character of the eco nomy depends on policy rather than being a natural characteristic. Over the past twenty years, policy has made economies appear more profit-led by lowering workers’ share of the wage bill and tax rates on shareholder income. Increasing workers’ wage bill share increases growth and capacity utilization regardless of whether the economy is wage-led, profit-led or conflictive. That speaks to ma king it the primary focus of policy efforts." @default.
- W2397924432 created "2016-06-24" @default.
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- W2397924432 date "2014-01-01" @default.
- W2397924432 modified "2023-09-23" @default.
- W2397924432 title "Rethinking wage vs. profit-led growth theory with implications for policy analysis 1" @default.
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