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다국어 초록 (Multilingual Abstract)

This study surveys the studies about the effect of income distribution on economic growth in using the Post Kaleckian growth model. The Post Kaleckian growth model is a kind of Post Keynesian economic model, which explains the key features of Keynes’s and Kalecki’s analysis of capitalist economies and examines distributional issues and distributional conflict for economic outcomes. Issues of this kind of macro model are back on the research agenda since the Great Recession.
The Post Kaleckian macro model is based on the principle of effective demand, include distributional conflict between wages and profits. The Post Kaleckian growth model is based on a demand-driven distribution and growth model for an open economy inspired by Bhaduri and Marglin (1990), which allows for either profit- or wage-led growth. On the one hand, higher real wages increase demand, which stimulates output. On the other hand, higher real wages increase the cost of production. This reduces profits, which has a negative effect on investment. This Post Kaleckian growth model allows for studying the impact of functional income distribution on the growth in demand.
In this study the empirical analysis results and implication of the Bhaduri-Marglin model will be discussed. It applies a single equation approach, estimating the distribution on the demand aggregates and summing up these effects in order to obtain the total effects of distribution on GDP growth. The empirical results show that most of countries are wage-led growth regime domestically, but overall a profit-led growth regime including open economy. This study suggests the alternative model to integrate various dimensions of income distribution into theory and empirical models.
This paper begins with the analysis of the development of Post Kaleckian macro model, which is based on Hein and Vogel (2008), and then will continue to investigate in the next paragraphs: the survey, development and suggestion.

참고문헌 (Reference)

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10 Stockhammer, E., "Why Have Wage Shares Fallen?: A Panel Analysis of the Determinants of Functional Income Distribution" 2012