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Profits, Wages and Productivity in the Business Cycle - A Kaldorian Analysis (Hardcover, 1997 ed.)
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Profits, Wages and Productivity in the Business Cycle - A Kaldorian Analysis (Hardcover, 1997 ed.)
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This book attempts to explain the changes in specifiC macroeconomic
vari- ables-such as the relative share oflabor, the profIt rate,
and the real wage rate in advanced capitalist economies-in relation
to the influence of the business cycle in income distribution. In
the pursuit of this inquiry, I fIrSt establish some stylized facts
that I wish to investigate. The three countries discussed here-the
United Kingdom, the United States, and Japan-are observed over a
period of twenty-two years beginning in 1970, which covers at least
three business cycles. This study makes several assumptions. First,
there is no common feature on whether labor share moves
countercyclically or procyclically; however, labor share increases
in the fIrst year of contraction and decreases in the fIrst year of
expansion, though there are some exceptions. Second, the profIt
rate moves pro cyclically . Third, labor productivity moves pro
cyclically and shows a symmetrical change; productivity sharply
increases in the fIrSt year of expansion in terms of the growth
rate and decreases in the fIrst year of con- traction. Fourth, the
real wage rate has no common feature. Finally, labor shares with
and without "labor income of self-employment" imputed from
self-employment income are almost parallel (except for Japan), and
their move- ments are also similar, though they move differently
for some years. To explain these facts, I examine three types of
model (or theory)-Kaldorian theory, real-business-cycle theory, and
new Keynesian theory-but the focus is on Kaldor's approach-hence,
the book's subtitle, A Kaldorian Analysis.
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