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Globalisation, Accumulation and Inequality – the Case of Germany

We study the conditions under which in a small open economy the labour share in national income may retain a stable value and the significance of primary savings from labour income is maintained. We conclude that the growth of domestic product must not be lower than the real rate of return on capital weighted by the savings ratio of asset holders. For Germany, we estimate a hurdle rate of growth of about 1.5 % that must be surpassed in the long run just to prevent the labour share from falling indefinitely. The condition has not been met for a number of years, because of chronically sluggish growth and high structural unemployment. We present a dynamic model of economic integration to show that, to a large extent, this pattern is an effect of globalisation. Besides fostering innovation, reinforcing the education system should have priority.

[此贴子已经被作者于2007-11-24 21:58:20编辑过]