This paper investigates the impact on capacity utilization and economic growth as variables driven by effective demand of income distribution featuring the possibility of profit-sharing with workers. Firms choose to compensate workers with either a base wage or a share of profits on top of this base wage. In accordance with robust empirical evidence, workers in sharing firms have higher productivity than workers in non-sharing firms. The distribution of employee compensation strategies and labor productivity across firms is evolutionarily time-varying. Two major results carrying relevant theoretical and policy implications are obtained. First, heterogeneity in employee compensation strategies across firms (and therefore earnings inequality across workers) may emerge as a long-run equilibrium outcome. Second, beyond the short run, a higher fraction of profit-sharing firms may result in either higher or lower rates of capacity utilization and economic growth.

中文翻译：

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员工利润分享演化动态下的宏观经济绩效

本文研究了作为具有与工人分享利润的可能性的收入分配的有效需求驱动的变量对产能利用率和经济增长的影响。公司选择以基本工资或在此基本工资之上的利润份额来补偿工人。根据强有力的经验证据，共享公司的工人比非共享公司的工人具有更高的生产率。员工薪酬策略和劳动生产率在公司间的分布是随时间变化的。获得了具有相关理论和政策含义的两个主要结果。首先，公司间员工薪酬策略的异质性（因此员工间的收入不平等）可能会成为长期均衡结果。其次，在短期之外，