A meta-model of income distribution

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Chapter 12 in Income Distribution, Growth and Unemployment, 2022, pp 164-183 from Edward Elgar Publishing

Abstract: This Chapter faces the problem of instability from a global point of view. Differently from what happened in the growth cycle models, where a local analysis in the proximity of steady state has been put forward, in the present Chapter a regime-switching device is introduced in order to thwart instability. It is well known that this technique is based upon three cornerstones: i) the existence of a threshold separating the regimes; ii) the presence of two different steady states; iii) the change in the parameters of strategic equations. These hypotheses are capable of generating a meta-model where the dynamic process is rooted in a series of disequilibrium processes that create a discrepancy between steady state and the actual rate of growth. This creates a blow to the syntax of the income distribution debate (IDD) because a model can be either profit-led (PLM) or wage-led (WLM) according to the time period considered.

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 (2)

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