Are higher wages good for business? An assessment under alternative innovation and investment scenarios
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadatos
Título
Are higher wages good for business? An assessment under alternative innovation and investment scenariosFecha de publicación
2020Editor
Cambridge University PressISSN
1365-1005; 1469-8056Cita bibliográfica
CAIANI, Alessandro; RUSSO, Alberto; GALLEGATI, Mauro. Are higher wages good for business? An assessment under alternative innovation and investment scenarios. Macroeconomic Dynamics, 2018, p. 1-40.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/are-highe ...Versión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
This paper aims at investigating the interplay between inequality, innovation dynamics,
and investment behaviors in shaping the long-run patterns of growth of a closed economy.
By extending the analysis proposed in ... [+]
This paper aims at investigating the interplay between inequality, innovation dynamics,
and investment behaviors in shaping the long-run patterns of growth of a closed economy.
By extending the analysis proposed in Caiani et al. [(2018) Journal of Evolutionary
Economics], we explore the effects of alternative wage regimes under different investment
and technological change scenarios. Experimental results seem to de-emphasize the role
of technological progress as a possible source of greater inequality. Overall, simulation
results are consistent with the predominance of a wage-led growth regime in most of the
scenarios analyzed: A faster growth of low- and middle-level workers’ wages, relative to
managers’, generally exert beneficial effects on the economy and allows to counteract the
labor-saving effects of technological progress. Furthermore, a distribution more favorable
to workers does not compromise firms’ profitability, but rather strengthen it by creating a
more favorable macroeconomic environment, which encourages further innovations,
stimulates investment, and sustains economic growth. [-]
Publicado en
Macroeconomic Dynamics, 24, 2020.Derechos de acceso
© Cambridge University Press 2018
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