Distribution and growth reconsidered: empirical results for six OECD countries |
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| Authors: | Hein Eckhard; Vogel Lena |
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| Institution: | * Hans Böckler Foundation, Düsseldorf, Germany
** University of Kent For helpful comment on earlier versions we would like to thank Stefan Ederer, Camille Logeay, Engelbert Stockhammer, Till van Treeck, Achim Truger and Rudolf Zwiener. Helpful comments and suggestions by two anonymous referees are also gratefully acknowledged. Remaining errors are, of course, our own |
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| Abstract: | We analyse the relationship between functional income distributionand economic growth in Austria, France, Germany, the Netherlands,the UK and the USA from 1960 until 2005. The analysis is basedon a demand-driven distribution and growth model for an openeconomy inspired by Bhaduri and Marglin, which allows for eitherprofit- or wage-led growth. We find that growth in France, Germany,the UK and the USA has been wage-led, whereas Austria and theNetherlands have been profit-led. In the case of Austria a domesticallywage-led economy changes to profit-led when including the effectof distribution on external trade. The Netherlands, however,are already profit-led without external trade. Our results sofar only partially confirm Bhaduri and Marglin's theoreticalconclusion that wage-led growth becomes less feasible when theeffects of distribution on foreign trade are taken into account. |
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| Keywords: | Distribution Growth Demand-led accumulation regimes |
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