Growth and distribution in low-income economies: modifying post-Keynesian analysis in light of theory and history

Abstract

Growth in low-income developing economies with large sectors characterized by underemployment is unlikely to be wage-led in the traditional neo-Kaleckian sense of the term. Output and employment in the sectors of the economy producing non-tradable output could be demand-led, however, and policies directly aimed at more equitable distribution in these sectors could boost long-run growth. Some of the fast-growing Asian economies may have been examples of relatively equitable growth which is not wage-led in the traditional neo-Kaleckian sense of the term. Over time, redistributive measures in the traditional sector, such as land reforms, could lead to faster wage and output growth across the economy.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 11 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.