increasing globalisation. In this paper we extend this type of analysis and integrate the effects on productivity growth …, theoretically and empirically. Productivity growth is introduced into the theoretical model making use of the Verdoorn effect or of … productivity growth. Further on, a costpush or Marx/Hicks-effect and hence a positive impact of real wage growth or the wage share …

-Kaleckian endogenous growth model, we examine the effects of increasing shareholder power on the demand regime, on the productivity regime … capital accumulation and productivity growth and hence on potential growth of the economy. However, such a regime does not … on the productivity regime. It also requires expansive - or under special circumstances only weakly contractive - effects …

increasing globalisation. In this paper we extend this type of analysis and integrate the effects on productivity growth …, theoretically and empirically. Productivity growth is introduced into the theoretical model making use of the Verdoorn effect or of … productivity growth. Further on, a costpush or Marx/Hicks-effect and hence a positive impact of real wage growth or the wage share …

with the expected sign in each of the equations. Our estimation results imply, both for the US and for Germany, that the … behavioural equations for the US and Germany in the period 1960-2007, we find significant and robust effects of interest payments …

France, Germany, the UK, and the USA has been wage-led, whereas Austria and the Netherlands have been profit-led. In the case …, Frankreich, Deutschland, den Niederlanden, Großbritannien und den USA für den Zeitraum von 1960 bis 2005 untersucht. In Anlehnung …, dass das Wachstum in Frankreich, Deutschland, Großbritannien und den USA lohngetrieben war, wohingegen Österreich und die …

-run sustainability of such a regime will also be questioned by the adverse effects of low investment on capital stock and productivity …