Testing the Bhaduri-Marglin model with OECD panel data

Jochen Hartwig

International Review of Applied Economics, 2014, vol. 28, issue 4, 419-435

Abstract: The Bhaduri-Marglin model is a post-Kaleckian model that allows one to study the impact of a functional income distribution on the growth in demand. Over recent years, a number of empirical studies based on this model have aimed at determining whether a redistribution towards profits harms or fosters demand growth. The focus so far has been on a very limited number of countries. This paper is the first to test the Bhaduri-Marglin model with panel data. It finds that demand growth is reduced by a redistribution towards profits in the average OECD country. Productivity growth is also impaired.

Date: 2014
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DOI: 10.1080/02692171.2014.896881

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