Abstract
AbstractThis paper aims to explain labour productivity through the lens of a Kaldorian perspective. To assess the relationship between output, demand, capital accumulation, and labour productivity, we apply Panel Structural Vector Autoregressive (P-SVAR) modelling to a dataset of 52 countries observed over a long-time span as provided by the Penn World Table. Findings validate the Kaldorian perspective and show that demand shocks—measured by government expenditures and exports—produce positive and persistent effects on labour productivity. Findings are confirmed even when the full sample is broken down to consider developed and developing countries separately.
Funder
Ministero dell’Istruzione, dell’Università e della Ricerca
Università degli Studi di Bari Aldo Moro
Publisher
Springer Science and Business Media LLC
Subject
Economics and Econometrics,Sociology and Political Science,Finance
Reference88 articles.
1. Allain, O. (2015). Tackling the instability of growth: A Kaleckian–Harrodian model with an autonomous expenditure component. Cambridge Journal of Economics, 39(5), 1351–1371.
2. Antenucci, F., Deleidi, M., & Paternesi Meloni, W. (2020). Kaldor 3.0: An empirical investigation of the Verdoorn-augmented technical progress function. Review of Political Economy, 32(1), 49–76.
3. Apergis, N., & Zikos, S. (2003). The law of Verdoorn: Evidence from Greek disaggregated manufacturing time series data. The Economic and Social Review, 34(1), 87–104.
4. Aroche Reyes, F. (2021). La ley de Kaldor–Verdoorn desde una perspectiva multisectorial. Cuadernos De Economía, 40(83), 383–402.
5. Arrow, K. J. (1971). The economic implications of learning by doing. The Review of Economic Studies, 29(3), 155–173.
Cited by
5 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献