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Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction
The paper studies endogenous employment and distribution dynamics in a Post-Keynesian growth model of the Kalecki–Steindl
tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows
firms to replenish the reserve army of workers in a struggle over income shares and thereby keeps wage demands in check. Labour
market dynamics follow from separate wage and price curves. The authors discuss stability conditions and the equilibrium dynamics
and investigate how legal working time and its reduction affect this equilibrium.
JEL-Codes:D33, E12, E24, O40
Keywords:Post-Keynesian economics, Productivity, Technological change, Income distribution, Employment, Economic growth, Working time
Forschungsbereich:Makroökonomie und öffentliche Finanzen
Sprache:Englisch