Income distribution, normal utilisation, and (re)switching of growth regimes

Biao Huang and Xiaokai Zhao

Metroeconomica, 2025, vol. 76, issue 1, 24-39

Abstract: An important feature of the neo‐Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit‐led regime and a wage‐led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.

Date: 2025
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