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Featured researches published by Marta Spreafico.


International Review of Applied Economics | 2018

Productivity growth of the cities of Jiangsu province, China: a Kaldorian approach

John McCombie; Marta Spreafico; Sixiang Xu

Abstract This paper considers the determinants of economic growth of the cities of Jiangsu province, China, adopting a Kaldorian approach. It is found that there is a close correlation between the growth of non-industry and industry (Kaldor’s first law) that provides indirect evidence for the export-base theory. The paper discusses two competing explanations of the foundations of the Verdoorn law (Kaldor’s second law), which, in its simplest form, is the relationship between industrial productivity and output growth. It also considers the static–dynamic Verdoorn law paradox. This arises from the fact that estimating the Verdoorn law in log-levels often gives statistically insignificant estimates of the Verdoorn coefficient while the use of growth rates gives significant values of around one half. The results show that this does not occur when data for the cities are used. A plausible explanation for the paradox is that it results from spatial aggregation bias. It is also found that inter-province urban productivity disparities first increase, but subsequently decrease over the period considered.


Archive | 2018

Is the Share of Income of the Top One Per cent Due to the Marginal Product of Labour or Managerial Power

Marta Spreafico

Marta Spreafico in this chapter, titled ‘Is the Share of Income of the Top One Percent Due to the Marginal Product of Labour or Managerial Power?’, argues that the last 30 years have seen a rapid increase in the share of income of the top one per cent, especially in the USA. This has led to increasing concern in some quarters about the consequences of the increase in income inequality. However, for a long time, neoclassical economics has generally ignored the problem. This is largely because of its uncritical acceptance that all employees, including the highest paid, are paid their marginal products in competitive labour markets and receive their ‘just deserts’. The recent increase in overall inequality is also attributed to skill-biased technical change and the race between technology and education. These explanations are examined in light of empirical and theoretical arguments that question the existence of the aggregate production function and the marginal productivity theory of distribution. It is concluded that the explanation for the increase in income of the top one per cent must lie elsewhere such as an increase in managerial power.


Archive | 2017

On Income Inequality: The 2008 Great Recession and Long-Term Growth

John McCombie; Marta Spreafico

Income inequality has been relatively neglected in mainstream macroeconomics until recently, when the work of Stiglitz and Piketty, inter alios, has given it a higher profile. The standard view is that markets generally work efficiently in allocating resources and there is little cause for concern. This chapter disputes these views and makes the argument that the increase in income inequality over the last 30 years has led to an unsustainable increase in household debt, which is a reason why the 2008 crisis was so severe. Furthermore, turning to the long run, there is accumulating evidence that higher inequality lowers economic growth. Finally, we conclude by looking at the evidence as to what are the major determinants of income inequality.


Archive | 2016

Capital Controls and the Icelandic Banking Collapse: An Assessment

John McCombie; Marta Spreafico

This is the author accepted manuscript. The final version is available from Palgrave Macmillan via https://doi.org/10.1007/978-3-319-41219-1_6


Archive | 2014

Could the Icelandic Banking Collapse of 2008 have been Prevented?The Role of Economists in its Unfurling

John McCombie; Marta Spreafico

This is the author accepted manuscript. The final version is available from Edward Elgar Publishing via https://doi.org/10.4337/ejeep.2016.03.06


Cambridge Journal of Economics | 2016

Kaldor’s ‘technical progress function’ and Verdoorn’s law revisited

John McCombie; Marta Spreafico


RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI | 2010

What do we know about the link between growth and institutions

Marta Spreafico


DISCE - Quaderni dell'Istituto di Politica Economica | 2010

Economic Institutions and Economic Growth in the Former Soviet Union Economies

Marta Spreafico


DISCE - Quaderni dell'Istituto di Politica Economica | 2013

Institutions, the resource curse and the transition economies: further evidence

Marta Spreafico


DISCE - Quaderni dell'Istituto di Politica Economica | 2013

Income inequality in the European Union: evidence from a panel analysis

Giuseppina Malerba; Marta Spreafico

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Giuseppina Malerba

Catholic University of the Sacred Heart

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Sixiang Xu

University of Cambridge

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