2023-09-28 14:46:10 +00:00
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abstract: 'This paper presents the empirical evidence about the impact of the
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simultaneous race to the bottom in labour''s share on growth after taking
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global interactions into account based on the post-Kaleckian theoretical
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framework developed by Bhaduri and Marglin (1990). The world economy and
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large economic areas are likely to be wage-led; and parameter shifts in
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different periods are unlikely to make a difference in this finding. The
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effects that can come from a wage-led recovery on growth and hence
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employment are positive, however they are also modest in magnitude. We
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then present an alternative scenario based on a policy mix of wage
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increases and public investment. A coordinated mix of polices in the G20
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targeted to increase the share of wages in GDP by 1-5 per cent in the
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next 5 years and to raise public investment in social and physical
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infrastructure by 1 per cent of GDP in each country can create up to
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5.84 per cent more growth in G20 countries. The final section addresses
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the political aspects and barriers to a wage-led recovery.'
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affiliation: 'Onaran, O (Corresponding Author), Univ Greenwich, London, England.
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Onaran, Ozlem, Univ Greenwich, London, England.'
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author: Onaran, Ozlem
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author_list:
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- family: Onaran
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given: Ozlem
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da: '2023-09-28'
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doi: 10.4337/roke.2016.04.07
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eissn: 2049-5331
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files: []
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issn: 2049-5323
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journal: REVIEW OF KEYNESIAN ECONOMICS
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keywords: wage share; wage-led growth; globalization; public investment
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keywords-plus: 'FUNCTIONAL INCOME-DISTRIBUTION; AGGREGATE DEMAND; ECONOMIC-GROWTH;
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SOUTH-KOREA; INVESTMENT; FINANCIALISATION; ACCUMULATION; STRATEGIES;
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COUNTRIES; MODEL'
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language: English
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month: WIN
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number: '4'
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number-of-cited-references: '49'
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orcid-numbers: Onaran, Ozlem/0000-0002-6345-9922
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pages: 458-474
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papis_id: 6634c3e1202a12c3e252ecd49d457254
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ref: Onaran2016wageprofitled
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times-cited: '11'
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title: 'Wage- versus profit-led growth in the context of globalization and public
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spending: the political aspects of wage-led recovery'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000386865100007
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usage-count-last-180-days: '0'
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usage-count-since-2013: '11'
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volume: '4'
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web-of-science-categories: Economics
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year: '2016'
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