Wage-led growth : an equitable strategy for economic recovery / edited by Marc Lavoie and Engelbert Stockhammer.

Format:

Book

Contributor:

Lavoie, M. (Marc)

Stockhammer, Engelbert, 1969-

Series:

Advances in Labour Studies

Advances in labour studies

Language:

English

Subjects (All):

Wages.

Profit.

Income distribution.

Economic development.

Physical Description:

1 online resource (209 p.)

Edition:

1st ed.

Place of Publication:

New York : Palgrave Macmillan, 2013.

Language Note:

English

Summary:

This book examines the causes and consequences associated with the falling wage share and rising inequality in income distribution, relating to both aggregate demand and labour productivity. It presents new empirical and econometric evidence regarding the economic causes and potential impact of changing income distribution. The volume argues that distributional shifts in favour of capital and the rise in income inequality have reduced economic growth and increased economic instability.

Contents:

Cover; Half-Title; Title; Copyright; Contents; List of Tables and Figures; Tables; Figures; Foreword; Preface; Notes on Contributors; Introduction; Table I.1 Labour income share as percentage of GDP at current factor costs or wage share in GDP, in percentage, G20 countries, average values over the trade cycle, early 1980's-2008; Table I.2 The share of top 1 per cent earners' income in total income, mid-1970's to mid-2000's; 1 Wage-led Growth: Concept, Theories and Policies; Table 1.1 Pro-labour and pro-capital distributional policies; Table 1.2 Definition of profit-led and wage-led regimes

Table 1.3 Viability of growth regimes Table 1.4 Actual growth strategies in the economic regime/distributional policies framework; Table 1.5 Economic structure: wage-led and profit-led demand regimes; Table 1.6 Effects of an increase in the wage share and domestic and total demand regimes; Table 1.7 Economic structure: wage-led and profit-led productivity regimes; Table 1.8 Total productivity effect of an increase in the wage share, when the partial productivity regime is wage-led

Table 1.9 Summary of the results of Onaran and Galanis (2013): effects of a national and global one percentage point increase in the profit share 2 Why Have Wage Shares Fallen? An Analysis of the Determinants of Functional Income Distribution; Figure 2.1 Adjusted wage shares in advanced countries, Germany, Japan and the United States, 1970-2010; Figure 2.2 Adjusted wage share in developing countries; Figure 2.3 Key determinants of functional income distribution; Table 2.1 Results for the baseline specification and variations; Figure 2.4 Baseline explanatory variables for developing countries

Figure 2.5 Baseline explanatory variables for advanced countries Table 2.2 Results for the baseline specification - advanced countries; Figure 2.6 Contributions to the change in the wage share for all countries,1990/94 to 2000/04; Figure 2.7 Contributions to the change in the wage share for advanced countries,1980/84-2000/4; Table A.1 Variables - all countries; Table A.2 Variables - additional variables for advanced countries; 3 Is Aggregate Demand Wage-led or Profit-led? A Global Model; Figure 3.1 Wage share (adjusted, ratio to GDP at factor cost)

Table 3.1a Average growth of GDP (%), developed countries Table 3.1b Average growth of GDP (%), developing countries; Table 3.2 The summary of the effects of a 1 percentage point increase in the profit share; Table 3.3 Two wage-led recovery scenarios; 4 Wage-led or Profit-led Supply: Wages, Productivity and Investment; Table 4.1 Estimates of the impact of (investment) demand growth on productivity growth; Table 4.2 Estimates of the impact of real wage growth on productivity growth; Figure 4.1 A model of wage-led growth with exogenous productivity; Figure 4.2 A model of wage-led growth

Figure 4.3 A model of profit-led growth

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed January 15, 2013).

ISBN:

92-2-127488-8

OCLC:

867929444