Profit maximising goes global: the race to the bottom
Profit maximising goes global: the race to the bottom
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利润最大化走向全球：逐底竞争
DOI：
10.1093/cje/beu040
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发表时间：
2015
影响因子：
2
通讯作者：
C. Rada
中科院分区：
文献类型：
--
作者：
D. Kiefer;C. Rada
我们探索了由13个经合组织国家组成的小组在收入分配和经济活动方面40年的周期性和长期动态，以工资份额和产出差距来衡量。当以古德温模型建模时，我们的结果表明，经济活动是弱利润导向型的，工资份额是顺周期的。我们估计的模型是动态稳定的，并且在分配-利用空间上具有长期均衡。该模型的延伸表明，这种均衡正在向西南方向转移，朝着工资份额下降和经济活动减少的方向发展。这一发现暗示着工业化国家之间的协调失败；可能是这些国家的政府在工资份额方面正在进行一场逐底竞赛；甚至可能是这场竞赛产生了经济效率下降的不良后果。
We explore four decades of cyclical and long-run dynamics in income distribution and economic activity for a panel of thirteen OECD countries, as measured by the wage share and the output gap. When modeled as a Goodwin model, our results suggest that economic activity is weakly profit-led and that the wage share is pro-cyclical. Our estimated model is dynamically stable and has a long-run equilibrium in distribution-utilization space. An extension of the model suggests that this equilibrium has been shifting south-west towards a lower wage share and a loss of economic activity. This finding is suggestive of a coordination failure among industrialized nations; it could be that the governments of these countries are engaging in a race to the bottom in terms of the wage share; it may even be that this race has the undesirable consequence of decreasing economic efficiency.