Jackson, William Anthony orcid.org/0000-0001-5194-7307 (2012) Factor shares, business cycles and the distributive loop. Metroeconomica. pp. 493-511. ISSN 1467-999X
Abstract
This paper looks at how factor shares vary over the business cycle and how their movements fit into Kaleckian analysis. Heterodox accounts of factor-share movements include both profit-squeeze arguments (procyclical wage share) and underconsumption arguments (counter-cyclical wage share). Empirical evidence gives no decisive support for either account: factor shares may be procyclical and counter-cyclical at different stages of the business cycle. If factor shares vary in such a complex way, then Kaleckian models cannot have a stable distributive curve. The economy instead follows a distributive loop, with different adjustment paths during an upswing and downswing.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2012 Blackwell Publishing Ltd. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details |
Keywords: | factor shares,business cycles,profit squeeze,underconsumption,Kaleckian macroeconomics |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | Pure (York) |
Date Deposited: | 31 May 2017 12:15 |
Last Modified: | 08 Feb 2025 00:16 |
Published Version: | https://doi.org/10.1111/j.1467-999X.2012.04152.x |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1111/j.1467-999X.2012.04152.x |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:116183 |
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Description: Factor Shares, Business Cycles and the Distributive Loop