Goodwin cycles and the BoPC growth paradigm: A macrodynamic model of growth and fluctuations

The paper builds a non-linear macrodynamic model to study the relation between the functional distribution of income, technological progress and economic growth. In the short-term, the interaction between the productivity regime, the demand regime and the distributive conflict generates cyclical pat...

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Bibliographic Details
Published in:Economia (Associação Nacional dos Centros de Pós-Graduação em Economia : 2000) 2016-09, Vol.17 (3), p.324-339
Main Authors: Dávila-Fernández, Marwil J, Libânio, Gilberto A
Format: Article
Language:English
Subjects:
Balance of payments constraint
Ciclos de Goodwin
Ciclos distributivos
Crescimento cíclico
Cyclical growth
Distributive cycles
Goodwin cycles
Lei de Thirlwall
Restrição externa
Thirlwall's law
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Summary:The paper builds a non-linear macrodynamic model to study the relation between the functional distribution of income, technological progress and economic growth. In the short-term, the interaction between the productivity regime, the demand regime and the distributive conflict generates cyclical paths a la Goodwin. In the long-term, output growth rate is constrained by the balance of payments a la Thirlwall, in which the elasticities of foreign trade are modeled as a function of the complex relation between the wage-share and the innovation capabilities of theeconomy. O artigo constrói um modelo dinâmico não-linear para estudar a relação entre a distribuição funcional da renda, o progresso técnico e o crescimento econômico. No curto prazo, a interação entre o regime de produtividade, o regime de demanda e o conflito distributivo gera trajetórias cíclicas a la Goodwin. No longo prazo, o crescimento do produto é restrito pelo balanço de pagamentos a la Thirlwall, em que as elasticidades de comércio exterior são modeladas pela complexa relação entre o wage-share e a capacidade inovativa da economia.
ISSN:1517-7580
2358-2820
DOI:10.1016/j.econ.2016.09.004