On the dynamics of profit-led and wage-led growth
研究了产出和利润份额如何共同决定投资与储蓄，以及二者差异如何驱动产出和利润份额变化，分析了乘数过程的新含义，并探讨了利润驱动与工资驱动增长体制的复杂关系。
This paper examines how variable output and profit share jointly determine investment and saving, while the difference between investment and saving drives the changes in output and profit share. Analysis of the resulting pair of differential equations yields novel implications for the multiplier process. In this more general framework a number of separate strands of the Keynesian-inspired literature can be understood. In particular, the model incorporates both forced saving and profit squeeze to analyse the stability of the dynamical system, and brings out the complex relation between in and out-of-equilibrium profit-led and wage-led regimes.