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Autonomous demand and technical change: exploring the Kaldor-Verdoorn law on a global level
Matteo Deleidi1,2, Claudia Fontanari3, Santiago José Gahn1
1Department of Political Sciences, University of Bari Aldo Moro, Bari, Italy.
Economia Politica (Bologna, Italy)
|January 23, 2023
Summary
Demand shocks positively impact labour productivity, validating the Kaldorian perspective. This holds true for both developed and developing countries, highlighting the role of government expenditures and exports in economic growth.
Area of Science:
- Economics
- Econometrics
Background:
- The Kaldorian perspective posits a link between demand, capital accumulation, and labor productivity.
- Understanding the drivers of labor productivity is crucial for economic growth and development.
Purpose of the Study:
- To empirically test the Kaldorian perspective on the determinants of labor productivity.
- To analyze the impact of demand shocks on labor productivity across a diverse set of countries.
Main Methods:
- Panel Structural Vector Autoregressive (P-SVAR) modeling was employed.
- Analysis utilized a long-term dataset of 52 countries from the Penn World Table.
Main Results:
- Demand shocks, specifically government expenditures and exports, were found to have positive and persistent effects on labor productivity.
- These findings were consistent across the full sample and when analyzing developed and developing countries separately.
Conclusions:
- The study validates the Kaldorian perspective, confirming the significant role of demand in driving labor productivity.
- Policy implications suggest that stimulating demand through government spending and exports can enhance labor productivity.
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