Technological unemployment and income inequality: a stock-flow consistent agent-based approach

Di Guilmi, C; Carvalho, L

Technological unemployment and income inequality: a stock-flow consistent agent-based approach

Di Guilmi, C

Carvalho, L

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Publisher:: Springer
Publication Type:: Journal Article
Citation:: Journal of Evolutionary Economics, 2020, 30, (1), pp. 39-73
Issue Date:: 2020-01-01

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Field	Value	Language
dc.contributor.author	Di Guilmi, C https://orcid.org/0000-0001-7786-039X
dc.contributor.author	Carvalho, L
dc.date.accessioned	2021-06-17T05:34:50Z
dc.date.available	2021-06-17T05:34:50Z
dc.date.issued	2020-01-01
dc.identifier.citation	Journal of Evolutionary Economics, 2020, 30, (1), pp. 39-73
dc.identifier.issn	0936-9937
dc.identifier.issn	1432-1386
dc.identifier.uri	http://hdl.handle.net/10453/149592
dc.description.abstract	The paper presents a stock-flow consistent agent-based model with effective demand, endogenous credit creation, and labor-saving technological progress. The aim is to study the joint dynamics of both personal and functional distribution of income as a result of technological unemployment, together with the effect on household debt. Numerical simulations show the potentially destabilizing effect of technological unemployment and reveal that an increase in the profit share of income amplifies the negative effect of income inequality on the business cycle and growth. The sensitivity analysis provides indications on the effectiveness of possible mixes of fiscal and redistributive policies, but also demonstrates that the effectiveness of policy measures is strongly dependent on behavioral and institutional factors.
dc.language	English
dc.publisher	Springer
dc.relation	Institute of New Economic Thinking
dc.relation	University of Technology Sydney
dc.relation.ispartof	Journal of Evolutionary Economics
dc.relation.isbasedon	10.1007/s00191-019-00628-9
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	1401 Economic Theory, 1402 Applied Economics
dc.subject.classification	Economics
dc.title	Technological unemployment and income inequality: a stock-flow consistent agent-based approach
dc.type	Journal Article
utslib.citation.volume	30
utslib.for	1401 Economic Theory
utslib.for	1402 Applied Economics
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access	*
pubs.consider-herdc	false
dc.date.updated	2021-06-17T05:34:46Z
pubs.issue	1
pubs.publication-status	Published
pubs.volume	30
utslib.citation.issue	1

Abstract:

The paper presents a stock-flow consistent agent-based model with effective demand, endogenous credit creation, and labor-saving technological progress. The aim is to study the joint dynamics of both personal and functional distribution of income as a result of technological unemployment, together with the effect on household debt. Numerical simulations show the potentially destabilizing effect of technological unemployment and reveal that an increase in the profit share of income amplifies the negative effect of income inequality on the business cycle and growth. The sensitivity analysis provides indications on the effectiveness of possible mixes of fiscal and redistributive policies, but also demonstrates that the effectiveness of policy measures is strongly dependent on behavioral and institutional factors.

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http://hdl.handle.net/10453/149592