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Income shares, wealth and growth

Author

Listed:
  • Piero Ferri

    (University of Bergamo (Italy), Via dei Caniana)

  • Anna Maria Variato

    (University of Bergamo (Italy), Via dei Caniana)

Abstract

The paper analyzes the relationship between income shares, wealth and growth in an environment where positional goods are taken into account and rent is generated. This hypothesis, which is a macro engine for inequality, creates a gap between profit share and property share and implies a clear-cut distinction between capital and wealth. The interactions between these aspects are studied in a medium-run growth model led by aggregate demand, where monetary aspects also matter. The results of the dynamic analysis, obtained by means of simulations, are in keeping with some recent stylized facts. Furthermore, the model generates bounded dynamics, where the co-movements between variables are more complex than those obtained in the recent literature. At the same time the disequilibrium processes can create a link between medium-run considerations and a more long-run perspective

Suggested Citation

  • Piero Ferri & Anna Maria Variato, 2016. "Income shares, wealth and growth," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 17(2), pages 254-264.
    • Handle: RePEc:anp:econom:v:17:y:2016:3:254_264
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    Citations

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    Cited by:

    1. Filippo Gusella & Anna Maria Variato, 2021. "Financial Instability and Income Inequality: why the connection Minsky-Piketty matters for Macroeconomics," Working Papers - Economics wp2021_15.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.

    More about this item

    Keywords

    Property and profit share; Positional goods; Private wealth; Inequality; Demand-led growth; Limit cycles;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E - Macroeconomics and Monetary Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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