Abstract
A combination of an investment-driven macroeconomy and a conflict-determined 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.
Original language | English |
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Pages (from-to) | 29 - 39 |
Journal | Metroeconomica |
Volume | 63 |
Issue number | 1 |
DOIs | |
Publication status | Published - 2012 |