Inequality and Economic Growth: The Perspective of the New Growth Theories

Aghion, Philippe; Caroli, Ève; Garcı́a-Peñalosa, Cecilia

doi:10.1257/jel.37.4.1615

Cited by 1,301 publications

(785 citation statements)

References 91 publications

(96 reference statements)

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“…A whole series of papers are utilizing recent theoretical advances in their empirical work to postulate that inequality retards investment and growth due to factors that support the need for egalitarian policies and perspectives. 10 For instance, Philippe Aghion et al (1999Aghion et al ( :1654Aghion et al ( -1657 argue that the recent increase in inequality in the advanced nations is due to recent trends in trade liberalization, technical change, and organizational forms. Trade liberalization has enabled material inputs to decline in price relative to unskilled labor, leading to a substitution toward material inputs and an expansion of outsourcing of unskilled labor along with declining rewards to such labor.…”

Section: Major Contradictions and Economic Performancementioning

confidence: 99%

“…Inequality reduces investment, expands credit, and enhances volatility. In order to counter these negative impacts on growth, Aghion et al (1999Aghion et al ( :1656 argues that governments can help rectify the problems to some extent by "investing in infrastructure or in human capital, or reducing bureaucratic obstacles… [which] would reduce entry barriers and promote growth." Proactive policies to expand physical, human, and social capital could help to alleviate problems resulting from differential access to credit, wealth, and capital.…”

Section: Major Contradictions and Economic Performancementioning

confidence: 99%

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Growth and Development in the Global Political Economy

O’Hara¹

2004

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Recent institutional changes have seen the increasing dominance of globalization and neoliberalism in the world economy. As markets have been deregulated, privatization and unproductive government spending have been promoted. Yet the greater volatility of capitals, the emergence of many financial crises, a decline in trust, and environmental problems have cast doubt on the effectiveness of neoliberal globalization.This book studies the impact of neoliberal globalization on growth and development in the world economy. It scrutinizes whether new social structures of accumulation or modes of regulation have emerged to promote long-term socioeconomic performance in the global economy during the early years of the twenty-first century. Special reference is given to the specific performance of neoliberal governance; transnational corporations; global institutions of money, trade, and production; international relations of war and terrorism; financial institutions; and the family-community environment.It is a comprehensive analysis of the degree to which institutional development has managed to promote socioeconomic performance in the global economy. It also presents a thorough policy program of action for long wave upswing in the world economy. It will be especially useful for those scholars and students concerned with issues of governance, global political economy, institutions, and macroeconomics.Phillip Anthony O'Hara is Professor of Global Political Economy and Governance and Director of the Global Political Economy Research Unit, at Curtin University, Perth, Australia. He won the European Association for Evolutionary Political Economy "2002 Gunnar Myrdal Prize" for Marx, Veblen and Contemporary Institutional Political Economy (Elgar, 2000); is the editor of Global Political Economy and the Wealth of Nations (Routledge, 2004) Reviews of Growth and Development in the Global Political Economy"I am delighted to endorse Phil O'Hara's new volume. Many years ago I examined his Honours dissertation at Murdoch University on Marx's theories of crisis. It was an outstanding piece of scholarship and I recognised then that a star had been born. His many contributions since show how right I was! Growth and Development in the Global Political Economy is the jewel in his crown. It contains a superb intertwining of historical, political, economic and institutional analysis of modern global capitalism, its successes and failures. It is also a critique of the claims of neoliberal analysis, and the provision of an alternative illuminating analysis; combined with detailed suggestions for the creation of institutions that will go some way towards ensuring that potential sustainable development will be achieved in a manner that helps all the world's citizens and preserves the physical environment for future generations. O'Hara has written a notable book which ought to be read by all serious economists, social scientists, concerned citizens, politicians and policy makers." Professor G.C.Harcourt, Cambridge University, UK. "In Growth...

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Section: Major Contradictions and Economic Performancementioning

confidence: 99%

Section: Major Contradictions and Economic Performancementioning

confidence: 99%

Growth and Development in the Global Political Economy

O’Hara¹

2004

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“…Aunque en un principio las investigaciones efectuadas señalaban el cambio tecnológico en el epicentro del cambio empresarial, de manera que otorgaban al cambio organizativo un papel subsidiario (Aghion et al, 1999), se han ido acumulando significativas evidencias de que, en el debate sobre los determinantes y los resultados del trabajo en la economía del conocimiento, la formación, el cambio tecnológico digital y el cambio organizativo interactúan fuertemente para establecer claras relaciones de complementariedad (Osterman, 1995;. Veamos con detalle algunas de estas investigaciones.…”

Section: E-sbtc Y Salariosunclassified

Overeducation or structural change? An analysis of the impact of ICT, university training and organisational change of business salaries

Torrent‐Sellens¹,

Díaz-Chao

Ficapal‐Cusí³

2009

RUSC. Univ. and Know. Soc.

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Palabras claveusos TIC, cambio tecnológico digital sesgador de habilidades (e-SBTC), formación, sobreeducación, empresa catalana Overeducation or structural change? An analysis of the impact of ICT, university training and organisational change of business salaries AbstractThe severity of the current economic crisis has shown the need to profoundly transform the productive structure of many economies all over the world. With the major increase in unemployment, the need has been considered for major structural change, for both workers and companies, to is no correlation between higher levels of training and improved salaries at work. Based on the data from a representative sample of private enterprises in Catalonia (2,038 companies), we have looked at the impact of structural change (co-innovative sources) and overeducation related to salaries in the company. The results suggest that: 1) individual characteristics of the employees (level and extension of training) and of the company (efficiency and complimentarity between organisational and technological change) determine salary levels in the Catalan company; 2) overeducation is not present in the business

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“…The linear regression model complies with the classical Solow model (see Mankiw et al, 1992) which specifies that log output is an additive linear function of technology, capital and labor. However, a range of new growth models, collectively known as new growth theory, pose the existence of multiple steady states in economic growth (see Aghion et al, 1999). Although these models typically specify the growth path of each country to be linear in its variables, the slopes of the growth path depend on which steady state the country is in.…”

Section: Introductionmentioning

confidence: 99%

Variable Selection and Functional Form Uncertainty in Cross-Country Growth Regressions

Salimans

2011

SSRN Journal

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Inequality and Economic Growth: The Perspective of the New Growth Theories

Cited by 1,301 publications

References 91 publications

Growth and Development in the Global Political Economy

Growth and Development in the Global Political Economy

Overeducation or structural change? An analysis of the impact of ICT, university training and organisational change of business salaries

Variable Selection and Functional Form Uncertainty in Cross-Country Growth Regressions

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