Growth and Distribution in Low Income Economies: Modifying Post Keynesian Analysis in Light of Theory and History

Arslan Razmi ()
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Arslan Razmi: University of Massachusetts at Amherst

No 2015-16, UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: Growth in low-income developing economies with large sectors characterized by underemployment is unlikely to be wage-led in the traditional neo-Kaleckian sense of the term. Output and employment in the sectors of the economy producing non-tradable output could be demand-led, however, and policies directly aimed at more equitable distribution in these sectors could boost long-run growth. Some of the fast growing Asian economies may have been examples of wage-led growth in this rather different sense of the term. Over time, re-distributive measures in the traditional sector, such as land reforms, could lead to faster wage and output growth across the economy.

Keywords: Demand regime; income distribution; wage-led growth; stagnationism; exhilarationism; neo-Kaleckian models; dependent economy models. (search for similar items in EconPapers)
JEL-codes: E12 F43 O11 O41 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-mac and nep-pke
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