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Economie Appliquée LVIII, 1 (2005) 143-163

Wage-led Regime, Profit-led Regime and Cycles: a Model (French title for the publication: Régime wage-led, régime profit-led et cycles : un modèle)

Nicolas Canry 1

(2005)

We propose a dynamic model which deals with the impact of income distribution variations on growth. In that goal, we use two models : the classical Goodwin model (1967) and the Bhaduri-Marglin model (1990), which also focuses on the links between income distribution and growth, but in a Keynesian frame. We introduce Keynesian demand constraints within the Goodwin model and modify its investment function, which becomes non-linear. With these new hypotheses, we show that Goodwin cycles may either be maintained or disappear. If most trajectories oscillate around a classical equilibrium, the economy may also fall during a cycle into a Keynesian unemployment state. In that case, cycle dynamic is broken because wages are squeezed whereas the economy is in a wage-led regime. This model allows to capture some specific characteristics of the French economic situation that took place in the 1980s-1990s.

1 :	Modélisation Appliquée, Trajectoires Institutionnelles et Stratégies Socio-Économiques (MATISSE)
	CNRS : UMR8595 – Université Paris I - Panthéon Sorbonne

Discipline

:

Sciences de l'Homme et Société/Economie et finances

Mots-Clés : Goodwin model – Cycles – Income distribution – Wage-share – Post-Keynesian theory – Unemployment

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Contributeur : Nicolas Canry <>

Soumis le : Mercredi 13 Juin 2007, 07:00:03

Dernière modification le : Mercredi 13 Juin 2007, 07:00:03