This study builds a multi-sectoral balance-of-payments constrained growth model that incorporates some structural heterogeneity between sectors and countries, such as differences in labor productivity, price competition, share of exports and imports, and the quality of commodities. The model in...

This paper examines the short-run relationship between the income distributionand finance-growth regimes using a simple post-Keynesian demand-driven model. While each mechanism of wage-led and profit-led growth has been revealed, its relationship with debt-led and debt-burdened growth, and vice...

This study builds an income distribution and growth model within a simple multi-sectoral Kaleckian framework. The model has heterogeneous features in each sector in that the responses of saving and investment to changes in macroeconomic performance differ sectorally, and there are also different...

In this paper, we formally derive a version of the Minskian taxonomy of the firms’ financial structure (hedge, speculative, and Ponzi types), under the economic growth context in the long run. As for the economic growth, we formalize the mechanism of debt-led (debt-burdened) growth where the...

This study extends a two-sector Kaleckian model of growth and income distribution by incorporating the dynamics of labour productivity growth. The economy is composed of investment goods and consumption goods producing sectors, with the sectoral demand and productivity growth interaction...

This study builds a dynamic balance-of-payments-constrained (BOPC) model that incorporates the endogenous determination of the economic growth rate, conflictive wage/price distribution, and employment rate. Following the Kaleckian--Marxian literature, wages and commodity prices are determined by...

Given the increase in the importance of measuring the degree and source of resilience after great shocks, resilience has garnered researchers’ attention. However, there is no generally agreed-upon measurement for resilience; the existing approach holds few industrial assessments for resilience....

This paper presents a two-sector Kalecki--Kaldor model of income distribution, technical change, and economic growth. The model is Kaleckian in the sense that it incorporates mark-up pricing, investment independent of saving, and excess capacity. It is also Kaldorian in that labour productivity...

This article distills the economic and current significance contained in the political economy of J.R. Commons. It compares descriptions of his three main works that discuss “sovereignty”: A Sociological View of Sovereignty (SVS), Legal Foundations of Capitalism (LFC), and Institutional...