Income Distribution and Growth: A Global Model

Özlem Onaran · Giorgos Galanis

132 citations0/0 files storedEnvironment and Planning A Economy and Space

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Economic Theory and Policy Labor market dynamics and wage inequality Economic Growth and Productivity

Abstract

This paper estimates the effects of a change in the wage share on growth at global level in the G20 countries. A decrease in the wage share in isolation leads to lower growth in the euro area, Germany, France, Italy, the UK, the US, Japan, Turkey, and South Korea, whereas it stimulates growth in Canada, Australia, Argentina, Mexico, China, India, and South Africa. However, a simultaneous decline in the wage share in all these countries leads to a decline in global growth. Furthermore, Canada, Argentina, Mexico, and India also experience negative effects on growth when they decrease their wage share along with their trading partners. The results indicate that the global decline in labour share has had significant negative effects on growth.

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References

2019Economic Growth and Income Inequality 1971An Exploration in the Theory of Optimum Income Taxation 1994Distributive Politics and Economic Growth 1975Clausulas comparativas do portugues 2000Inequality and Growth in a Panel of Countries 1998Error‐correction Mechanism Tests for Cointegration in a Single‐equation Framework 1996Income distribution, political instability, and investment 1955Alternative Theories of Distribution

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