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New publication “Labour markets in a Post-Keynesian growth model”

18/10/2021

A new paper published in the Review of Keynesian Economics studies endogenous employment and distribution dynamics in a Post-Keynesian growth model of Kalecki-Steindl tradition. Productivity adjustments stabilize employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income shares and thereby keeps wage demands in check. Labour market dynamics follow from separate wage- and price-curves. We discuss stability conditions and the equilibrium dynamics and investigate how legal working time and its reduction affect this equilibrium.

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