Class Conflict and Macro-Policy: The Political Business Cycle

Boddy, Raford; Crotty, James

doi:10.1177/048661347500700101

Cited by 241 publications

(102 citation statements)

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“…2 The heterodox tradition has been more alive to the importance of profitability (Glyn and Sutcliffe, 1972;Body and Crotty, 1975;Weisskopf, 1979;Shaikh, 1987;Moseley, 1991;Duménil and Lévy, 1993;Basu and Vasudevan, 2013). By according the rate of profit an important role in determining the trajectory of capital accumulation and 2 For example, the exhaustive survey article by Kotwal et al (2011) discusses different hypotheses that could explain changing economic growth in recent decades in India.…”

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confidence: 99%

Profitability in India’s Organized Manufacturing Sector: The Role of Technology, Distribution and Demand

Basu¹,

Das²

2017

Cambridge Journal of Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. . Over the whole period of analysis, the rate of profit grew at about 1 percent per annum, primarily driven by a rising share of profits. We use structural break tests to identify medium and short run regimes. We find two medium run regimes, one of declining profitability (1982-83 to 2001-02), and another of growing profitability (2001-02 to 2012-13). We find six short run regimes, of which only two are periods of rising profitability, 1987-88 to 1996-97, and 2001-02 to 2007-08. All other short run periods have witnessed declining profitability. Profit rate decomposition analysis shows that both in the medium and short run, technological factors have been the most important determinants of changes in profitability. Terms of use: Documents in EconStor may

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confidence: 99%

Profitability in India’s Organized Manufacturing Sector: The Role of Technology, Distribution and Demand

Basu¹,

Das²

2017

Cambridge Journal of Economics

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“…Distributive shares measured by the conventional approach are often used to proxy the power of classes (Goodwin, 1967;Boddy and Crotty, 1975;Wolff 1979;Taylor 1979;Weisskopf, 1979;Islam 1988;Sherman, 1990;Raffalovich et al, 1992;Basu and Vasudevan, 2011;Sasaki et al, 2013), while some studies choose to more rigorously follow the Marxian approach (Moseley 1985(Moseley , 1987. Distributive shares can also reflect institutional shifts under capitalism, which has been discussed by both the Regulation theory (Aglietta, 2000) and the Social Structure of Accumulation theory (Bowles et al, 1984;Kotz et al, 1994).…”

Section: Early Studiesmentioning

confidence: 99%

The Labor Share Question in China

Qin¹

2014

Mon. Rev.

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“…There may also be economic limitations due to the lack of cooperation of different policy actors; see Heise (2001), Heise (2005a). 21 Politico-economic models and cycles have been introduced in the literature by William Nordhaus (1975) and R. Boddy and J. Crotty (1974) who recur to Michal Kalecki's work. 22 Although he claims to have presented 'a regime of the political business cycle'; see Kalecki (1943Kalecki ( /1990.…”

Section: Mancur Olson Distributional Coalitions and Its Keynesian Twistmentioning

confidence: 99%

The Political Economy of Meritocracy: A Post-Kaleckian, Post-Olsonian Approach to Unemployment and Income Inequality in Modern Varieties of Capitalism

Heise

2007

Review of Radical Political Economics

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The “big trade-off,” described by Arthur Okun some thirty years ago, is back again: equality or efficiency, or to put it differently, modern highly developed economies and societies have to choose between the Scylla of income inequality and the Charybdis of unemployment. Furthermore, it looks like the continental European economies—foremost Germany and France—sided with more egalitarian ends accepting higher unemployment while the liberal economies such as the United States and the United Kingdom chose higher inequality for lower unemployment. In this paper it is argued that the trade-off is not a supply-side necessity to maintain work effort in a situation of incomplete contracts, but is a politico-economic issue of particular interest groups seeking rents. However, unlike in Mancur Olson's seminal approach, it is not the trade unions that are forming distributional coalitions on the labor market, but rather the meritocracy which is happy to use Keynesian-type demand management to advance their material interests by pursuing a “meritocratically optimal rate of unemployment” (MORU).

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Class Conflict and Macro-Policy: The Political Business Cycle

Cited by 241 publications

References 1 publication

Profitability in India’s Organized Manufacturing Sector: The Role of Technology, Distribution and Demand

Profitability in India’s Organized Manufacturing Sector: The Role of Technology, Distribution and Demand

The Labor Share Question in China

The Political Economy of Meritocracy: A Post-Kaleckian, Post-Olsonian Approach to Unemployment and Income Inequality in Modern Varieties of Capitalism

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