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Distribution, Aggregate Demand and Unemployment in OECD Countries

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  • Sarantis, Nicholas

Abstract

The primary aim of this paper is to investigate the role of income distribution in the determination of unemployment. To this end, the author develops a post-Keynesian model that shows that unemployment is effectively determined by income distribution, aggregate demand, and the inadequacy of capital equipment. The deriv ed unemployment equation is applied to ten large industrial countries o ver the period 1976-89. The empirical findings provide strong support fo r the hypothesis that shifts in income distribution and inadequacy of capital equipment are major sources of unemployment. Copyright 1993 by Royal Economic Society.

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  • Sarantis, Nicholas, 1993. "Distribution, Aggregate Demand and Unemployment in OECD Countries," Economic Journal, Royal Economic Society, vol. 103(417), pages 459-467, March.
    • Handle: RePEc:ecj:econjl:v:103:y:1993:i:417:p:459-67
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    Cited by:

    1. Vasiliki Bozani, 2011. "NAIRU, Unemployment and Post Keynesian Economics," Working Papers 1104, University of Crete, Department of Economics.
    2. Bruinshoofd, Allard & Hollanders, Hugo & Weel, Bas ter, 1999. "Knowledge Spillovers and Wage Inequality: An Empirical Investigation of Knowledge-Skill Complementarity," Research Memorandum 008, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    3. Engelbert Stockhammer, 2008. "Is The Nairu Theory A Monetarist, New Keynesian, Post Keynesian Or A Marxist Theory?," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 479-510, July.
    4. Engelbert Stockhammer, 2004. "Explaining European Unemployment: Testing the NAIRU Hypothesis and a Keynesian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(1), pages 1-26.
    5. Bhattarai, Keshab, 2016. "Unemployment–inflation trade-offs in OECD countries," Economic Modelling, Elsevier, vol. 58(C), pages 93-103.
    6. Michelle C. Baddeley, 2008. "Structural Shifts In Uk Unemployment 1979–2005: The Twin Impacts Of Financial Deregulation And Computerization," Bulletin of Economic Research, Wiley Blackwell, vol. 60(2), pages 123-157, April.
    7. Muysken, Joan & Weel, Bas ter, 1999. "Overeducation, Job Competition and Unemployment," Research Memorandum 030, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    8. Giuseppe Fontana & Alfonso Palacio‐Vera, 2007. "Are Long‐Run Price Stability And Short‐Run Output Stabilization All That Monetary Policy Can Aim For?," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 269-298, May.

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