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fall during a cycle into a Keynesian unemployment state. In that case, cycle dynamic is broken because wages are squeezed …
Persistent link: https://www.econbiz.de/10010750395
In this article, we modify the saving function of the Bhaduri-Marglin model and obtain a hump-shaped curve of output in function of wage-share: the nature -exhilarationist or stagnationist- of the economic regime depends on the level of income distribution. Economic policy can thus consist of...
Persistent link: https://www.econbiz.de/10010750966