000 02454nam a22003254a 4500
001 26941
008 111111t2011 xx || 00| 0 en
022 _a1749-8363
100 _aCuestats, Juan Carlos
110 _aUniversity of Sheffield. Department of Economics
245 1 0 _aEconomic class and the distribution of income : a time-series analysis of the UK economy, 1955-2010 /
246 0 0 _aSheffield Economic Research paper series ; no. 2011012
260 _aSheffield, U.K.
_bUniversity of Sheffield. Department of Economics
_c2011
300 _aPDF
490 _aSheffield Economic Research Paper Series
_x1749-8363
500 _aApril 2011 Includes Bibliography and appendix INTO AND OUT OF WORK
520 _aThis paper contributes to our understanding of the determinants and dynamics of a Marxian surplus-value rate using quarterly UK data, 1955-2010, and the Johansen (1988, 1991) cointegration and vector error correction model (VECM). A conceptual model is introduced to define surplus-value and its component parts, before elaborating on theoretical issues which are important in estimating the rate. In the empirical analysis we seek to explain distributive conflict, paying attention to three forces which are traditionally seen as drivers of power in distributional struggle: (i) political party; (ii) the size of the 'reserve army' of the unemployed; (iii) working class militancy. Our results suggest a positive impact of unemployment on the rate of surplus-value, and that falling working class militancy tends to raise the rate. Political party also affects the rate of surplus-value with a negative impact on the rate emanating from movement to left-wing government. This analysis demonstrates the ongoing relevance of Marxian economics in providing an alternative, robust and significant explanation of distribution in the post-war UK economy.
521 _aEconomic class and the distribution of income.pdf
650 1 0 _aIncome Distribution
_bGreat Britain
_92590
650 1 0 _aEconometrics
_b
_999
650 1 0 _aLabour Supply
_b
_976
650 1 0 _aEconomic History
_b
_9918
650 1 0 _aEmployment
_bStatistics - Great Britain
_916063
690 1 0 _aEconomic Conditions
_915777
690 1 0 _aStatistical Analysis
_915823
690 1 0 _aUnemployment
_970
700 _aPhilp, Bruse
856 _uhttp://library.bsl.org.au/showitem.php?handle=1/2485
_3Electronic copy
_z
942 _cELECTRONIC
_h
999 _c6993
_d6993