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A Neo-Kaleckian model of skill-biased technological change and income distribution

Author

Listed:
  • Antonio Soares Martins Neto

    (Economic Commission for Latin America and the Caribbean, Santiago, Chile)

  • Rafael Saulo Marques Ribeiro

    (Faculty of Economics, Federal University of Minas Gerais, Belo Horizonte, Brazil)

Abstract

This article proposes a macrodynamic model that takes into account the joint determination of intra-working-class income distribution and knowledge-intensive technological change. Our model highlights two opposing effects of technological change at play: (i) technological innovation promotes a positive structural change and hence boosts net exports and output growth; (ii) technological change, on the other hand, disproportionately affects unskilled workers, which worsens the intra-working-class income distribution and slows down economic growth. Therefore, our model demonstrates that the net impact of technological change on capital accumulation and output growth is ambiguous and hence is a parametric question. Lastly, we show that income transfer and public investments in higher education may be of paramount importance to alleviating the unwanted effects of a contractionary wave of technological change and so promoting a sustained economic recovery.

Suggested Citation

  • Antonio Soares Martins Neto & Rafael Saulo Marques Ribeiro, 2019. "A Neo-Kaleckian model of skill-biased technological change and income distribution," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(3), pages 292-307, July.
    • Handle: RePEc:elg:rokejn:v:7:y:2019:i:3:p292-307
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    Citations

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    Cited by:

    1. WroĊ„ski Marcin, 2019. "The productivity growth slowdown in advanced economies: causes and policy recommendations," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(4), pages 391-406, December.
    2. Stamegna, Marco, 2022. "Wage inequality and induced innovation in a classical-Marxian growth model," MPRA Paper 113805, University Library of Munich, Germany.

    More about this item

    Keywords

    technological change; income distribution; education;
    All these keywords.

    JEL classification:

    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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