Distribution, wealth and demand regimes in historical perspective: the USA, the UK, France and Germany, 1855–2010
| Autor: | Engelbert Stockhammer, Joel Rabinovich, Niall Reddy |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
Consumption (economics)
Economics and Econometrics Financialization business.industry media_common.quotation_subject World War II Wage Distribution (economics) Post-Keynesian economics Investment (macroeconomics) Income distribution Economics Demographic economics business Economic growth Wealth media_common |
| Zdroj: | Stockhammer, E, Rabinovich, J & Reddy, N 2021, ' Distribution, wealth and demand regimes in historical perspective : The usa, the uk, france and germany, 1855–2010 ', Review of Keynesian Economics, vol. 9, no. 3, pp. 337-367 . https://doi.org/10.4337/roke.2021.03.03 |
| ISSN: | 2049-5331 2049-5323 |
| DOI: | 10.4337/roke.2021.03.03 |
| Popis: | Most empirical macroeconomic research limited to the period since World War II. This paper analyses the effects of changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 until 2010 for the UK, France, Germany and USA, based on the dataset of Piketty and Zucman (2014). We contribute to the post-Keynesian debate on the nature of demand regimes, mainstream analyses of wealth effects and the financialisation debate. We find that overall domestic demand has been wage-led in the USA, UK and Germany. Total investment responds positively to higher wage shares, which is driven by residential investment. For corporate investment alone, we find a negative relation. Wealth effects are found to be positive and significant for consumption in the USA and UK, but weaker in France and Germany. Investment is negatively affected by private wealth in the USA and the UK, but positively in France and Germany. |
| Databáze: | OpenAIRE |
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