FUNCTIONAL DISTRIBUTION, CAPITAL ACCUMULATION AND GROWTH IN A NON-LINEAR MACRODYNAMIC MODEL

Gilberto Lima

Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: It is developed a macrodynamic model of distribution, capital accumulation and growth in which investment is non-linear in distribution: at low (high) levels of wage share, the impact of a higher profit share on investment is negative (positive). This specification conforms with some of the empirical evidence for the rise and fall of the Golden Age in several advanced economies. As it turns out, whether the economy follows a wage-led growth regime or a profit-led one depends on the prevailing distribution. Indeed, a similar dependence applies, alongside with the relative bargaining power of capitalists and workers and the cyclical behavior of markups, to the dynamic stability properties of the economy.

JEL-codes: E32 O11 O41 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-mac
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http://www.anpec.org.br/encontro2005/artigos/A05A057.pdf

Related works:
Journal Article: Functional Distribution, Capital Accumulation and Growth in a Non-Linear Macrodynamic Model (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:anp:en2005:057

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