Abstract
This paper extends the theoretical concept of wage-led and profit-led demand regimes by incorporating
relative consumption concerns. Specifically, it integrates the Veblenian concept of conspicuous consumption into the Bhaduri–Marglin model by assuming that relative consumption concerns matter primarily within the working class. If in such a framework the profit share increases and the corresponding decrease in workers’ income is distributed unevenly, efforts to ‘keep up with the Joneses’ may increase consumption and, hence, lead to a consumption-driven profit-led regime.
| Original language | English |
|---|---|
| Pages (from-to) | 51-70 |
| Number of pages | 20 |
| Journal | Metroeconomica |
| Volume | 66 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 01 Feb 2015 |
Fields of science
- 502 Economics
- 502027 Political economy
- 502049 Economic history
- 504027 Special sociology
- 506013 Political theory
- 509017 Social studies of science
- 603 Philosophy, Ethics, Religion
- 603102 Epistemology
- 603103 Ethics
- 603109 Logic
- 603113 Philosophy
- 603114 Philosophy of mind
- 603119 Social philosophy
- 603120 Philosophy of language
- 603122 Philosophy of technology
- 603124 Theory of science
- 405002 Agricultural economics
- 502001 Labour market policy
- 502002 Labour economics
- 502003 Foreign trade
- 502009 Corporate finance
- 502010 Public finance
- 502012 Industrial management
- 502013 Industrial economics
- 502018 Macroeconomics
- 502020 Market research
- 502021 Microeconomics
- 502025 Econometrics
- 502039 Structural policy
- 502042 Environmental economics
- 502046 Economic policy
- 502047 Economic theory
- 504014 Gender studies
- 506004 European integration
- 507016 Regional economy
- 303010 Health economics
JKU Focus areas
- Social Systems, Markets and Welfare States
- Social and Economic Sciences (in general)