A Kaleckian approach to financialization and functional income distribution: Austria and Finland in comparative perspective

Arbeitspapier

In this paper, we examine if and to what extent the Kaleckian theory of mark-up pricing can explain changes in functional income distribution in an environment of financialization. Following this approach, we expect financialization to influence the aggregate wage share through three channels: (1) sectoral recomposition, (2) financial overhead costs and rentiers' profits claims, and (3) bargaining power of trade unions and workers. We empirically analyze the long-term trends for each of the channels before and after the Great Financial Crisis and the Great Recession for Austria and Finland. Overall, we find evidence for all three re-distributional channels contributing to the changes in functional income distribution. The explanatory power of the individual channels, however, differs strongly due to the heterogeneity of the countries.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 229-2024

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Personal Income, Wealth, and Their Distributions ; Factor Income Distribution ; Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection
• Thema: Finance-dominated capitalism ; financialization ; distribution ; financial and economic crisis ; Kaleckian theory of distribution

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Dabrowski, Cara ; Kuhls, Sonia
• Ereignis: Veröffentlichung
• (wer): Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
• (wo): Berlin
• (wann): 2024

Weitere Informationen

• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ