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Growth and distribution in low-income economies: modifying post-Keynesian analysis in light of theory and history

Arslan Razmi

Keywords: demand regime; income distribution; wage-led growth; stagnationism; exhilarationism; neo-Kaleckian models; dependent economy models

Growth in low-income developing economies with large sectors characterized by underemployment is unlikely to be wage-led in the traditional neo-Kaleckian sense of the term. Output and employment in the sectors of the economy producing non-tradable output could be demand-led, however, and policies directly aimed at more equitable distribution in these sectors could boost long-run growth. Some of the fast-growing Asian economies may have been examples of relatively equitable growth which is not wage-led in the traditional neo-Kaleckian sense of the term. Over time, redistributive measures in the traditional sector, such as land reforms, could lead to faster wage and output growth across the economy.

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