The wage-price spiral in an integrated model

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Chapter 11 in Income Distribution, Growth and Unemployment, 2022, pp 143-162 from Edward Elgar Publishing

Abstract: This Chapter introduces the so called structural determination of income distribution. This approach implies that wages, inflation and productivity are specified so that together they contribute to determine income distribution. This methodological choice serve three purposes. First of all, it allows to introduce a wage-price spiral into a broader context with respect to the one considered in Chapter 3. In other words, the political economy nature of the topic does not only imply inflationary processes but also deflation and unemployment. In the second place, it introduces into the analysis the question of flexibility in the working pf the markets and its impact on the process of growth. Finally, it generalizes the bounded and persistent fluctuations that constitute the normal environment in which the income distribution debate (IDD) has been considered. Different specifications of the income distribution loop are compatible with these results.

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