International competition, income distribution and economic growth
在新凯恩斯主义框架下，通过开放经济模型论证工资增长会因竞争力下降导致贸易逆差，从而可能降低增长率，并讨论了国际关系与阶级冲突的含义。
This paper shows that the neo-Keynesian case for wage-led growth does not generally hold in an open economy model. Wage increases cause a loss of competitiveness that reduces the trade balance. If the economy is relatively open to trade and price elasticities satisfy certain restrictions, the worsening of the trade balance more than outweighs the increase in workers' consumption, thus reducing the growth rate. The main theoretical innovation is a flexible markup pricing rule that allows changes in unit labor costs and exchange rates to affect profit margins. Implications for international relations and class conflict are discussed. Copyright 1989 by Oxford University Press.