The lexicon of short-run static analysis

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Chapter 1 in Income Distribution, Growth and Unemployment, 2022, pp 16-24 from Edward Elgar Publishing

Abstract: This Chapter reconsiders Bhaduri and Marglin (1990)'s contribution that have introduced the basic lexicon into the income distribution debate (IDD). The analysis suffers from two limitations. It is mainly static and refers to the short-run. In spite of these limitations, it underlines the necessity of considering the dual nature of wages, at the same time elements of costs and determinants of demand, where the determinants of consumption and investment are deeply differentiated. This duality extends also to a dynamic medium-run picture, where the original dichotomy "stagnationist" versus exhilarationist" has been replaced in time by that more appealing separating wage-led models (WLM) from profit led ones (PLM).

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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