GROWTH CYCLES IN MATURE AND DUAL ECONOMIES
GROWTH CYCLES IN MATURE AND DUAL ECONOMIES
| dc.creator | Skott, Peter | |
| dc.date | 2022-07-27 | |
| dc.date.accessioned | 2023-09-27T19:46:52Z | |
| dc.date.available | 2023-09-27T19:46:52Z | |
| dc.identifier | https://periodicos.ufsm.br/pap/article/view/69896 | |
| dc.identifier | 10.5902/2526629269896 | |
| dc.identifier.uri | https://repositorioslatinoamericanos.uchile.cl/handle/2250/8941871 | |
| dc.description | Mature economies may experience fluctuations, but the average medium and long run growth rate matches the natural rate. Like Kaldor's neo-Keynesian models, the Marx-Goodwin tradition explains this outcome by endogenizing the distribution of income and assuming that the accumulation of capital is increasing as a function of the profit share. The application of Goodwin cycles to developing economies may be hard to justify, however. The modified Goodwin models in this paper include relative-wage norms as a central element of wage formation. Norms change endogenously, leading to path dependence (hysteresis) in the stationary solution for the employment share of the modern sector. The effects of shocks – the sensitivity of the long-run outcome to initial conditions – may be amplified by non-linearities in the adjustment of wages to deviations of actual wages from the norm. | en-US |
| dc.description | Mature economies may experience fluctuations, but the average medium and long run growth rate matches the natural rate. Like Kaldor's neo-Keynesian models, the Marx-Goodwin tradition explains this outcome by endogenizing the distribution of income and assuming that the accumulation of capital is increasing as a function of the profit share. The application of Goodwin cycles to developing economies may be hard to justify, however. The modified Goodwin models in this paper include relative-wage norms as a central element of wage formation. Norms change endogenously, leading to path dependence (hysteresis) in the stationary solution for the employment share of the modern sector. The effects of shocks – the sensitivity of the long-run outcome to initial conditions – may be amplified by non-linearities in the adjustment of wages to deviations of actual wages from the norm. | pt-BR |
| dc.format | application/pdf | |
| dc.language | eng | |
| dc.publisher | Universidade Federal de Santa Maria | pt-BR |
| dc.relation | https://periodicos.ufsm.br/pap/article/view/69896/48079 | |
| dc.rights | http://creativecommons.org/licenses/by-nc-sa/4.0 | pt-BR |
| dc.source | Práticas de Administração Pública; v. 5 n. 3 (2021): Structural Development Macroeconomics; 88-113 | pt-BR |
| dc.source | 2526-6292 | |
| dc.subject | Goodwin cycles | en-US |
| dc.subject | wage norms | en-US |
| dc.subject | employment hysteresis | en-US |
| dc.subject | Goodwin cycles | pt-BR |
| dc.subject | Wage norms | pt-BR |
| dc.subject | Employment hysteresis | pt-BR |
| dc.title | GROWTH CYCLES IN MATURE AND DUAL ECONOMIES | en-US |
| dc.title | GROWTH CYCLES IN MATURE AND DUAL ECONOMIES | pt-BR |
| dc.type | info:eu-repo/semantics/article | |
| dc.type | info:eu-repo/semantics/publishedVersion |