Analysis of Financial Time Series (Wiley Series in by Ruey S. Tsay

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Com - licensed to University of Sydney - PalgraveConnect - 2014-01-27 demand on a global scale. If all countries pursue wage moderation policies, a much smaller subset of the countries in a profit-led total demand regime will still benefit from their pro-capital distributional policies. This highlights the need for policy-makers to realize the role of wages as a source of demand. On a more technical level, it highlights the need for international coordination when dealing with wage and social policies, so as to prevent a race to the bottom in wages.

36 per cent in reaction to a worldwide one percentage point decline in the wage share, thus helping to explain why even countries that are in a profit-led total demand regime might suffer nevertheless from a worldwide reduction in the wage share. These results have important policy implications. They indicate that, at least with regard to aggregate demand, an internationally coordinated wage-led growth strategy seems viable. Aggregate demand in the world economy is clearly wage led. 111 Korea, Rep.

This occurs because the redistribution of income towards a higher wage share generates an increase in consumption expenditures, since wage earners spend a greater portion of their income than profit recipients. A decrease in wage dispersion, providing a greater share of income to the lower quintiles, would lead to a similar result. These effects are at the core of the arguments of the underconsumptionist economists who highlight the detrimental impact of rising or high profit shares, as can be found in the modern and canonical Kaleckian models of Rowthorn (1981), Taylor (1983) and Dutt (1987).

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