Income Distribution and Asset-Based Policies : With Special Reference to the Kuznets Curves (新井久爾夫教授・小山忠男教授・下森定教授・関口進教授・田中亮三教授・中森強教授退職記念号)

概要

論文の詳細を見る
1, In this paper I have tried to show possible theoretical explanations of short-term and long-term behaviour in the share of wages. Simon Kuznets suggested that there are inverted-U relationships between economic growth and income distribution; specifically, income distribution deteriorates at the earlier stage of economic development when an economy grows and per capita income increases rapidly However, after a turning point, the relative income share of the low-income class begins to increase again. Since the beginning of the 1960s, I have suggested a similar hypothesis with regard to the share of wages. In the present paper I will explain the possible reasons for relative share behaviour. 2, At the highly developed economic stage, the value of national assets tends to become larger relative to national income The role of asset-based policies, therefore, has become more central with regard to economic stabilization and economic distribution than in previous periods. The higher the ratio of assets to income, the higher the share of asset income to labour income tends to become. This means that the relative share of a worker's income becomes smaller in the absence of any active asset policies to increase workers' assets. The inequality in asset and income distribution is likely to become greater. 3, .As a result of changes in the relative value of assets and their global movements, income and asset distribution across nations causes inequality between nations. Behaviour patterns of income distribution must be reformulated taking assets and global factors into account. As a result of the liberalization in financial and asset markets, the inequality in asset and income distribution within and between countries will increase. 4, Several recent studies have identified an inverted-U relationship between pollution and economic growth. The inverted-U relationship is sometimes called the environmental Kuznets curve (EKC). It is interesting to note that there are common factors behind EKC and the Kuznets curve, especially the behaviour of relative wage shares (WKC). Both curves are influenced by (1) per capita income and the economic growth rate or investment ratio, (2) the labour market situation, (3) the industrial structure, (4) peoples' priorities (5) international factors, and (6) economic policies and systems. 5, The share of wages plays a dual role in deciding wages. In the short run the higher share of wages leads to an increase in wages, but in the long run the high share of wages in this sense decreases the growth rate of total income. An optimum share of wages is the share that maximizes the wages in the long run. Assuming that all investment is financed by profits of the company, the optimum share of wages approaches 50% as the period of service is assumed longer and the propensity to save profit becomes higher. 6, This simplified model neglects the fact that workers have assets as long as their propensity to save is positive. If we assume that the workers accumulate assets and, therefore, receive asset incomes, the above model is modified. A revised two-class model a la Kaldor suggests that there is a possibility that equalization of asset ownership will proceed as a result of a high relative share of labour combined with the high propensity to save on the part of workers. This means that there is a possibility that an inverted-U relationship will be formed in respect of the behaviour of asset ownership..
2005-03-31

Income Distribution and Asset-Based Policies : With Special Reference to the Kuznets Curves (新井久爾夫教授・小山忠男教授・下森定教授・関口進教授・田中亮三教授・中森強教授退職記念号)

スポンサーリンク

概要

著者

関連論文

スポンサーリンク

Income Distribution and Asset-Based Policies : With Special Reference to the Kuznets Curves (新井久爾夫教授・小山忠男教授・下森定教授・関口進教授・田中亮三教授・中森強教授 退職記念号)

スポンサーリンク

概要

著者

関連論文

スポンサーリンク

Income Distribution and Asset-Based Policies : With Special Reference to the Kuznets Curves (新井久爾夫教授・小山忠男教授・下森定教授・関口進教授・田中亮三教授・中森強教授退職記念号)