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Social conflict, growth and factor shares
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Scopus
University of the Thai Chamber of Commerce
Date Issued
2011
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University of the Thai Chamber of Commerce. Research Support Office
Abstract
Standard growth theory is based on atomistic agents with no strategic interactions among them. In contrast, we model growth as resulting from a oneoff, strategic game between 'workers' and owners of capital ('capitalists') on factor shares, in an otherwise standard 'AK' growth model. The resulting distribution of income between factors further determines the marginal revenueproduct of capital and the rate of growth. We analyse the properties of four equilibria: competitive, Stackelberg equilibrium, a hybrid noncooperative regime and cooperative, in terms of labour shares, growth and welfare. Our model thus endogenizes key aspects of the 'social contract'.
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University of the Thai Chamber of Commerce
Bibliographic Citation
C. Tsoukis, F. Tournemaine (2011) Social conflict, growth and factor shares. Metroeconomica Vol.62 No.2, 283-304.
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