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Are higher wages good for business? An assessment under alternative innovation and investment scenarios
dc.contributor.author | Caiani, Alessandro | |
dc.contributor.author | Russo, Alberto | |
dc.contributor.author | Gallegati, Mauro | |
dc.date.accessioned | 2020-10-21T11:04:24Z | |
dc.date.available | 2020-10-21T11:04:24Z | |
dc.date.issued | 2020 | |
dc.identifier.citation | 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. | ca_CA |
dc.identifier.issn | 1365-1005 | |
dc.identifier.issn | 1469-8056 | |
dc.identifier.uri | http://hdl.handle.net/10234/190054 | |
dc.description.abstract | 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. | ca_CA |
dc.format.extent | 24 p. | ca_CA |
dc.format.mimetype | application/pdf | ca_CA |
dc.language.iso | eng | ca_CA |
dc.publisher | Cambridge University Press | ca_CA |
dc.relation.isPartOf | Macroeconomic Dynamics, 24, 2020. | ca_CA |
dc.rights | © Cambridge University Press 2018 | ca_CA |
dc.rights.uri | http://rightsstatements.org/vocab/InC/1.0/ | * |
dc.subject | Innovation | ca_CA |
dc.subject | Investment | ca_CA |
dc.subject | Inequality | ca_CA |
dc.subject | Agent Based Macroeconomics | ca_CA |
dc.subject | Stock Flow Consistent Models | ca_CA |
dc.title | Are higher wages good for business? An assessment under alternative innovation and investment scenarios | ca_CA |
dc.type | info:eu-repo/semantics/article | ca_CA |
dc.identifier.doi | https://doi.org/10.1017/S1365100518000299 | |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | ca_CA |
dc.relation.publisherVersion | https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/are-higher-wages-good-for-business-an-assessment-under-alternative-innovation-and-investment-scenarios/A48BE01AA7B819173C10A45FA592F230 | ca_CA |
dc.type.version | info:eu-repo/semantics/submittedVersion | ca_CA |
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