{"title":"Income distribution, normal utilisation, and (re)switching of growth regimes","authors":"Biao Huang, Xiaokai Zhao","doi":"10.1111/meca.12477","DOIUrl":null,"url":null,"abstract":"An important feature of the neo‐Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit‐led regime and a wage‐led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"60 1","pages":""},"PeriodicalIF":1.0000,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Metroeconomica","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/meca.12477","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
An important feature of the neo‐Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit‐led regime and a wage‐led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.
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