Income Distribution, Growth, and Conflict: The Aggregate Demand Nexus

Bu makale çeşitli ülkelerde gelir dağılımının yatırım ve büyüme üzerindeki etkilerini araştıran Post-Keynesçi ampirik çalışmalarla ilgili bir literatür taramasıdır ve bu literatürün politika uzantılarını tartışmayı hedeflemektedir. Merkezdeki soru şudur: Gerçekte ekonomiler ücret çekişli mi, kâr çekişli mi? Ana akım iktisadı örtük olarak kâr çekişli bir ekonomi varsaymakta ve neoliberal politikaları desteklemektedir. Post-Keynesçi/Kaleckici modellerin özelliği ise ücretlerin hem bir talep bileşeni, hem de maliyet unsuru olarak ikili rolüne işaret etmeleridir. Eğer bir ekonomi kâr çekişli değilse, hem büyümeyi hem de gelir dağılımını eş-anlı olarak hedefleyen politikalar olanak dahilindedir. Bununla beraber ekonomiler gerçekte dinamiktir, yani belli bir noktadan sonra artan bölüşüm çelişkisi sonucunda bir ekonominin ücret çekişli bir rejimden kâr çekişli bir rejime geçmesi de mümkündür.

Gelir Bölüşümü, Büyüme ve Çatışma: Toplam Talep Ekseni

This paper is a literature review on the recent Post-Keynesian empirical findings about the effect of income distribution on investment and growth in a variety of different countries and aims at discussing the policy implications of this literature. The core question is the following: Are actual economies wage-led or profit-led? Current orthodoxy implicitly assumes that they are profit-led, and thus supports the neoliberal policy agenda. The merit of the Post-Keynesian/Kaleckian models is that they highlight the dual function of wages as a component of aggregate demand as well as a cost item. If an economy is not profit-led, then there is room for policies targeting growth and income distribution simultaneously. However, the economies are indeed dynamic in the sense that beyond a point an economy can shift from a wage-led to a profit-led regime, with an intensified distributional conflict.

PDF

___

BHADURI, A. and MARGLIN, S. (1990), “Unemployment and the Real Wage: The Economic Basis For Contesting Political Ideologies”, Cambridge Journal of Economics, 14, 375-93.
BLECKER, R. (1989), “International Competition, Income Distribution and Economic Growth”, Cambridge Journal of Economics, 13, 395-412. ————(1999), “Kaleckian Macromodels for Open Economies”, in J. Deprez and J.T. Harvey (eds.), Foundations of International Economics: Post Keynesian Perspectives, London and New York: Routledge, 116-49. ————(2002), “Distribution, Demand and Growth In Neo-Kaleckian Macro-Models”, in M. Setterfield (ed.), The Economics of Demand-Led Growth, Cheltenham, UK: Edward Elgar, 129-52.
BOWLES, S. and BOYER, R. (1995), “Wages, Aggregate Demand, and Employment in an Open Economy: An Empirical Investigation”, in G. Epstein and H. Gintis (eds.), Macroeconomic Policy after The Conservative Era: Studies in Investment, Saving and Finance, Cambridge: Cambridge University Press, 143-71.
DUTT, A. (1984), “Stagnation, Income Distribution and Monopoly Power”, Cambridge Journal of Economics, 8, 25-40.
EDERER, S. and STOCKHAMMER, E. (2007), “Wages and Aggregate Demand in France: An Empirical Investigation” in E. Hein and A. Truger (eds.), Money, Distribution, and Economic Policy – Alternatives to Orthodox Macroeconomics, Cheltenham: Edward Elgar.
GORDON, D. (1995a), “Growth Distribution, and the Rules of the Game: Social Structuralist Macro Foundations for a Democratic Economic Policy”, in G. Epstein and H. Gintis (eds.), Macroeconomic Policy After The Conservative Era: Studies in Investment, Saving and Finance, Cambridge: Cambridge University Press, 335-83. ————(1995b), “Putting The Horse (Back) Before the Cart: Disentangling the Macro Relationship Between Investment and Saving”, in G. Epstein and H. Gintis (eds.), Macroeconomic Policy After The Conservative Era: Studies in Investment, Saving and Finance, Cambridge: Cambridge University Press, 57-108.
GOODWIN, R.M., (1967), “A Growth Cycle” in C.H. Feinstein (ed.), Socialism, Capitalism and Economic Growth, Cambridge: Cambridge University Press, 54–8.
HEIN, E. and KRAEMER, H. (1997), “Income Shares and Capital Formation: Patterns of Recent Developments”, Journal of Income Distribution, 7(1), 5-28.
HEIN, E. and VOGEL, L. (2008), “Distribution and Growth Reconsidered – Empirical Results for Austria, France, Germany, the Netherlands, the UK and the USA”, Cambridge Journal of Economics, forthcoming.
KALECKI, M., (1943), “Political Aspects of Full Employment”, reprinted in J. Osiatynski (ed.), Collected Works of M. Kalecki, Vol. 1, Oxford: Clarendon Press. ————(1954), “Theory of Economic Dynamics”, reprinted in J. Osiatynski (ed.), Collected Works of M. Kalecki, Vol. 1, Oxford: Clarendon Press.
KEYNES, J. (1973), The General Theory of Employment, Interest and Money, Cambridge: Macmillan.
MARGLIN, S. and BHADURI, A. (1990), “Profit Squeeze and Keynesian Theory”, in S. Marglin and J. Schor (eds.), The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Oxford: Clarendon Press, 153-86.
NAASTEPAD, R., and STORM, S. (2006/07), OECD Demand Regimes (1960-2000)”, Journal of Post-Keynesian Economics, 29(2), 213-48.
NAASTEPAD, R. (2006), “Technology, Demand and Distribution: A Cumulative Growth Model with an Application to the Dutch Productivity Slowdown”, Cambridge Journal of Economics, 30 (3), 403-34.
ONARAN, Ö. (2007), “Life after Crisis for Labor and Capital” in E. Yeldan, A. Kose and F. Senses (eds.), Neoliberal Globalization as New Imperialism: Case Studies on Reconstruction of the Periphery, New York: Nova Scientific Publishers.
ONARAN, Ö. and STOCKHAMMER, E. (2005), “Two Different Export-Oriented Growth Strategies: Accumulation and Distribution in Turkey and South Korea”, Emerging Markets Finance and Trade, 41 (1), 65-89.
ONARAN, Ö. and YENTÜRK, N. (2001), “Do Low Wages Stimulate Investments? An Analysis of the Relationship Between Distribution and Investments in Turkish Manufacturing Industry”, International Review of Applied Economics, 15 (4), 359-74.
ROWTHORN, R. (1981), “Demand, Real Wages and Economic Growth”, Thames Papers in Political Economy, Autumn 1-39, reprinted in Studi Economici, 1982, (18), 3-54.
SEGUINO, S. (1999), “The Investment Function Revisited: Disciplining Capital in South Korea”, Journal of Post-Keynesian Economics, 22 (2), 313-38.
STOCKHAMMER, E. and EDERER, S. (2007), Demand Effects of the Falling Wage Share in Austria, Working Paper No. 106, August 2007, Vienna University of Economics and B.A..
STOCKHAMMER, E. and ONARAN, Ö. (2004), “Accumulation, Distribution and Employment: A Structural VAR Approach to a Kaleckian Macro Model”, Structural Change and Economic Dynamics, 15, 421-47.
STOCKHAMMER, E., ONARAN, Ö., and EDERER, S. (2007), “Functional Income Distribution and Aggregate Demand in the Euro Area”, Working Paper No. 102, Feb. 2007, Vienna University of Economics and B.A..
TAYLOR, L. (1985), “A Stagnationist Model of Economic Growth”, Cambridge Journal of Economics, 9, 383-403.
WRIGHT, E. (2000), “Working-Class Power, Capitalist-Class Interests, and Class Compromise”, American Journal of Sociology, 105 (4), 957-1002.
YENTÜRK, N. (1998), “Ajustement et Accumulation: La Turquie”, Canadian Journal of Development Studies, XIX (1), 55-77.