Wage- vs. profit-led growth: the role of the distribution of wages in determining regime character
研究了工资分布如何影响经济体是工资驱动型还是利润驱动型增长，发现工资份额上升总能促进增长，并可能使利润驱动型转为工资驱动型。
The wage- versus profit-led distinction is a cornerstone of post-Keynesian growth theory. However, the existing theoretical literature focuses on the functional distribution of income and ignores the distribution of wages. This paper shows how the distribution of wages affects whether an economy is wage- or profit-led. Since the distribution of wages impacts personal income distribution, that explains why income inequality can also impact regime character. Increases in workers’ wage share always increase growth and capacity utilization regardless of the economy’s character. Furthermore, an increase in workers’ wage share can flip an economy from being profit-led to wage-led.