Distribution, Aggregate Demand and Unemployment in OECD Countries

Nicholas Sarantis

Economic Journal, 1993, vol. 103, issue 417, 459-67

Abstract: The primary aim of this paper is to investigate the role of income distribution in the determination of unemployment. To this end, the author develops a post-Keynesian model that shows that unemployment is effectively determined by income distribution, aggregate demand, and the inadequacy of capital equipment. The deriv ed unemployment equation is applied to ten large industrial countries o ver the period 1976-89. The empirical findings provide strong support fo r the hypothesis that shifts in income distribution and inadequacy of capital equipment are major sources of unemployment. Copyright 1993 by Royal Economic Society.

Date: 1993
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