Overhead labour and feedback effects between capacity utilization and income distribution: estimations for the USA economy

References

• AMECO. 2017. “Annual Macro-Economic Database of the European Commission’s Directorate General for Economic and Financial Affairs.” http://ec.europa.eu/economy_finance/ameco/user/serie/SelectSerie.cfm
   Google Scholar
• Asimakopulos, A. A. 1975. “A Kaleckian Theory of Income Distribution.” Canadian Journal of Economics 8 (3): 313–333. doi:10.2307/134236.
   Web of Science ®Google Scholar
• Atkinson, A. B. 1969. “The Timescale of Economic Model How Long Is the Long Run?” The Review of Economic Studies 36 (2): 137–152. doi:10.2307/2296833.
   Web of Science ®Google Scholar
• Barbosa-Filho, N. H., and L. Taylor. 2006. “Distributive and Demand Cycles in the US Economy a Structuralist Goodwin Model.” Metroeconomica 57 (3): 389–411. doi:10.1111/j.1467-999X.2006.00250.x.
   Google Scholar
• Barrales, J., and R. von Arnim. 2017. “Longer-Run Distributive Cycles: Wavelet Decompositions for the US, 1948–2011.” Review of Keynesian Economics 5 (2): 196–217. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Bhaduri, A., and S. Marglin. 1990. “Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies.” Cambridge Journal of Economics 14 (4): 375–393. doi:10.1093/oxfordjournals.cje.a035141.
   Web of Science ®Google Scholar
• Blecker, R. A. 1989. “International Competition, Income Distribution and Economic Growth.” Cambridge Journal of Economics 13 (3): 395–412.
   Web of Science ®Google Scholar
• Blecker, R. A. 2002. “Distribution, Demand and Growth in neo-Kaleckian Macro-Models.” In The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, edited by M. Setterfield, 129–152. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
   Google Scholar
• Blecker, R. A. 2016. “Wage-Led versus Profit-Led Demand Regimes: The Long and the Short of It.” Review of Keynesian Economics 4 (4): 373–390. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Bowles, S., and R. Boyer. 1995. “Wages, Aggregate Demand, and Employment in an Open Economy: An Empirical Investigation.” In Macroeconomic Policy after the Conservative Era, edited by G. A. Epstein and H. M. Gintis, 143–173. Cambridge, UK: Cambridge University Press.
   Google Scholar
• Carvalho, L., and A. Rezai. 2015. “Personal Income Inequality and Aggregate Demand.” Cambridge Journal of Economics 40 (2): 491–505. doi:10.1093/cje/beu085.
   Web of Science ®Google Scholar
• Diallo, M. B., P. Flaschel, H.-M. Krolzig, and C. R. Proaño. 2011. “Reconsidering the Dynamic Interaction between Real Wages and Macroeconomic Activity.” Research in World Economy 2 (1): 77–93.
   Google Scholar
• Duménil, G., and D. Lévy. 2015. “Neoliberal Managerial Capitalism: Another Reading of the Piketty, Saez, and Zucman Data.” International Journal of Political Economy 44 (2): 71–89. doi:10.1080/08911916.2015.1060823.
   Web of Science ®Google Scholar
• Dutt, A. K. 1984. “Stagnation, Income Distribution and Monopoly Power.” Cambridge Journal of Economics 8 (1): 25–40.
   Web of Science ®Google Scholar
• Federal Reserve. 2017. “Industrial Production and Capacity Utilization - G.17.” https://www.federalreserve.gov/releases/g17/Current/default.htm
   Google Scholar
• Goodwin, R. M. 1967. “A Growth Cycle.” In Socialism, Capitalism and Economic Growth, edited by C. H. Feinstein, 54–58. Cambridge, UK: Cambridge University Press.
   Google Scholar
• Guttmann, R. 2016. Finance-Led Capitalism: Shadow Banking, Re-Regulation, and the Future of Global Markets. Houndmills, Basingstoke, Hampshire; New York, NY: Palgrave Macmillan.
   Google Scholar
• Hamilton, J. D. 2017. “Why You Should Never Use the Hodrick-Prescott Filter.” Review of Economics and Statistics ( Available online). doi:10.1162/rest_a_00706.
   PubMed Web of Science ®Google Scholar
• Hein, E. 2014. Distribution and Growth after Keynes: A Post-Keynesian Guide. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
   Google Scholar
• Hein, E., and L. Vogel. 2008. “Distribution and Growth Reconsidered: Empirical Results for Six OECD Countries.” Cambridge Journal of Economics 32 (3): 479–511. doi:10.1093/cje/bem047.
   Web of Science ®Google Scholar
• Kalecki, M. 1971. Selected Essays on the Dynamics of the Capitalist Economy 1933–1970. Cambridge: Cambridge University Press.
   Google Scholar
• Lavoie, M. 2009. “Cadrisme within a post-Keynesian Model of Growth and Distribution.” Review of Political Economy 21 (3): 369–391. doi:10.1080/09538250903073396.
   Google Scholar
• Lavoie, M. 2014. Post-Keynesian Economics: New Foundations. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
   Google Scholar
• Lavoie, M. 2017. “The Origins and Evolution of the Debate on Wage-Led and Profit-Led Regimes.” European Journal of Economics and Economic Policies: Intervention 14 (2): 200–221.
   Google Scholar
• Lavoie, M., and E. Stockhammer. 2012. “Wage-Led Growth: Concept, Theories, and Policies.” In International Labour Office, Conditions of Work and Employment Series no. 41. Geneva: ILO.
   Google Scholar
• Lazonick, W., and M. O’Sullivan. 2000. “Maximizing Shareholder Value: A New Ideology for Corporate Governance.” Economy and Society 29 (1): 13–35. doi:10.1080/030851400360541.
   Web of Science ®Google Scholar
• Mohun, S. 2006. “Distributive Shares in the US Economy, 1964–2001.” Cambridge Journal of Economics 30 (3): 347–370. doi:10.1093/cje/bei065.
   Web of Science ®Google Scholar
• Mohun, S. 2014. “Unproductive Labor in the U.S. Economy 1964–2010.” Review of Radical Political Economics 46 (3): 355–379. doi:10.1177/0486613413506080.
   Web of Science ®Google Scholar
• Mohun, S. 2016. “Class Structure and the US Personal Income Distribution, 1918–2012.” Metroeconomica 67 (2): 334–363. doi:10.1111/meca.12107.
   Web of Science ®Google Scholar
• Nikiforos, M. 2016a. “Distribution-Led Growth in the Long Run.” Review of Keynesian Economics 4 (4): 391–408. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Nikiforos, M. 2016b. “On the ‘Utilisation Controversy’: A Theoretical and Empirical Discussion of the Kaleckian Model of Growth and Distribution.” Cambridge Journal of Economics 40 (2): 437–467. doi:10.1093/cje/beu076.
   Web of Science ®Google Scholar
• Nikiforos, M., and D. K. Foley. 2012. “Distribution and Capacity Utilization: Conceptual Issues and Empirical Evidence.” Metroeconomica 63 (1): 200–229. doi:10.1111/meca.2012.63.issue-1.
   Web of Science ®Google Scholar
• Onaran, Ö., and E. Stockhammer. 2005. “Two Different Export-Oriented Growth Strategies: Accumulation and Distribution in Turkey and South Korea.” Emerging Markets Finance and Trade 41 (1): 65–89. doi:10.1080/1540496X.2005.11052596.
   Web of Science ®Google Scholar
• Onaran, Ö., and G. Galanis. 2014. “Income Distribution and Growth: A Global Model.” Environment and Planning A 46 (10): 2489–2513. doi:10.1068/a46265.
   Web of Science ®Google Scholar
• Palley, T. I. 2017. “Wage- Vs. Profit-Led Growth: The Role of the Distribution of Wages in Determining Regime Character.” Cambridge Journal of Economics 41 (1): 49–61. doi:10.1093/cje/bew004.
   Web of Science ®Google Scholar
• Perron, P. 1989. “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis.” Econometrica 57 (6): 1361–1401. doi:10.2307/1913712.
   Web of Science ®Google Scholar
• Petach, L. 2019. “Distribution and Capacity Utilization in the United States: Evidence from State-Level Data”. Review of Keynesian Economics forthcoming.
   Web of Science ®Google Scholar
• Rowthorn, R. 1981. “Demand, Real Wages and Growth.” Thames Papers in Political Economy Autumn: 1–39.
   Google Scholar
• Skott, P. 2015. “Growth Cycles with or without Price Flexibility.” Review of Keynesian Economics 3 (3): 374–386. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Stockhammer, E. 2017a. “Determinants of the Wage Share: A Panel Analysis of Advanced and Developing Economies.” British Journal of Industrial Relations 55 (1): 3–33. doi:10.1111/bjir.2017.55.issue-1.
   Web of Science ®Google Scholar
• Stockhammer, E. 2017b. “Wage-Led versus Profit-Led Demand: What Have We Learned? A Kaleckian-Minskyan View.” Review of Keynesian Economics 5 (1): 25–42. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Tavani, D., and R. Vasudevan. 2014. “Capitalists, Workers, and Managers: Wage Inequality and Effective Demand.” Structural Change and Economic Dynamics 30: 120–131. doi:10.1016/j.strueco.2014.05.001.
   Web of Science ®Google Scholar
• Taylor, L. 1985. “A Stagnationist Model of Economic Growth.” Cambridge Journal of Economics 9 (4): 383–403. doi:10.1093/oxfordjournals.cje.a035588.
   Web of Science ®Google Scholar
• von Arnim, R., and J. Barrales. 2015. “Demand-Driven Goodwin Cycles with Kaldorian and Kaleckian Features.” Review of Keynesian Economics 3 (3): 351–373. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Weisskopf, T. E. 1979. “Marxian Crisis Theory and the Rate of Profit in the Postwar US Economy.” Cambridge Journal of Economics 3 (4): 341–378. doi:10.1093/oxfordjournals.cje.a035429.
   Web of Science ®Google Scholar