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Equality-led development and the demand and supply side effects

Equality-led development and the demand and supply side effects

Onaran, Özlem ORCID: 0000-0002-6345-9922 (2019) Equality-led development and the demand and supply side effects. Development and Change, 50 (2). pp. 445-457. ISSN 0012-155X (Print), 1467-7660 (Online) (doi:https://doi.org/10.1111/dech.12488)

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Abstract

This contribution to the Forum Debate on global development focuses on the dimension of functional income distribution between labour and capital and its demand‐side and supply‐side effects. The article summarizes recent literature that has sought to explain the reasons behind the global fall in the labour share. It then discusses the demand‐side effects of the declining wage share on growth, based on the post‐Keynesian/post‐Kaleckian literature. The author presents an alternative policy scenario for the G20 based on a mix of increasing wage share and public investment, before discussing the supply‐side effects of rising inequality. The article concludes with some policy implications for equality‐led development.

Item Type: Article
Uncontrolled Keywords: wage share, functional income distribution, Demand-side, Supply-side
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Faculty of Business > Greenwich Political Economy Research Centre (GPERC)
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Last Modified: 11 Mar 2019 16:37
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/22390

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