wow-inequalities/02-data/intermediate/wos_sample/2eea6b9eab9cd400c79be9f368f28d18-petach-luke-and-tav/info.yaml

78 lines
2.6 KiB
YAML
Raw Normal View History

2023-09-28 14:46:10 +00:00
abstract: 'We study a two-class model of growth and the distribution of income and
wealth at the intersection of contemporary work in classical political
economy and post-Keynesian economics. The key insight is that aggregate
demand is an externality for individual firms: this generates a
strategic complementarity in production and results in equilibrium
underutilization of the economy''s productive capacity, as well as
hysteresis in real output. Underutilization also affects the functional
distribution of income and the dis-tribution of wealth: both the wage
share and the workers'' wealth share would be higher at full capacity.
Consequently, fiscal allocation policy that achieves full utilization
also attains a higher labor share and a more equitable distribution of
wealth; while demand shocks have permanent level effects. Extensions
look at hysteresis in the employment rate and growth. These findings are
useful as an organizing frame-work for thinking through the lackluster
economic record of the so-called Neoliberal era, the sluggish recovery
of most advanced economies following the Great Recession, and the
importance of fiscal policy in countering large shocks such as the
Covid-19 pandemic.(c) 2022 Elsevier B.V. All rights reserved.'
affiliation: 'Tavani, D (Corresponding Author), Colorado State Univ, Dept Econ, 1771
Campus Delivery, Ft Collins, CO 80523 USA.
Petach, Luke, Belmont Univ, Jack Massey Coll Business, Nashville, TN 37212 USA.
Tavani, Daniele, Colorado State Univ, Dept Econ, 1771 Campus Delivery, Ft Collins,
CO 80523 USA.'
author: Petach, Luke and Tavani, Daniele
author-email: 'Luke.Petach@Belmont.edu
Daniele.Tavani@Colostate.edu'
author_list:
- family: Petach
given: Luke
- family: Tavani
given: Daniele
da: '2023-09-28'
doi: 10.1016/j.strueco.2022.01.002
earlyaccessdate: JAN 2022
eissn: 1873-6017
files: []
issn: 0954-349X
journal: STRUCTURAL CHANGE AND ECONOMIC DYNAMICS
keywords: Externalities; Capacity utilization; Factor shares; Wealth inequality
keywords-plus: CAPACITY UTILIZATION; UNITED-STATES; GROWTH; PASINETTI; MODEL
language: English
month: MAR
number-of-cited-references: '53'
orcid-numbers: Tavani, Daniele/0000-0002-2757-0439
pages: 433-446
papis_id: c517728771feeed837d7d5dba56de6a7
ref: Petach2022aggregatedemand
researcherid-numbers: Tavani, Daniele/HSE-9182-2023
times-cited: '1'
title: Aggregate demand externalities, income distribution, and wealth inequality
2023-10-01 08:15:07 +00:00
type: article
2023-09-28 14:46:10 +00:00
unique-id: WOS:000789745400029
usage-count-last-180-days: '2'
usage-count-since-2013: '6'
volume: '60'
web-of-science-categories: Economics
year: '2022'