This paper develops a growth model with overlapping generations of workers who save for life-cycle reasons and Ricardian capitalists who save from a bequest motive. The population of workers accommodates growth, so that the rate of capital accumulation is endogenous and determines the growth of...

Cesaratto's critique of the neoclassical approach to pension reform is valuable, but he has overextended his argument in applying it to proposals to use pre-funding as a mechanism for achieving greater public ownership and for redistributing wealth progressively. The fiscal surpluses needed to...

This review essay of Critical Essays on Piero Sraffa's Legacy in economics situates Sraffa's work in relation to the Marshallian tradition and neo-Walrasian general equilibrium theory, and reviews the current state of debate between adherents of these traditions on the role of demand, returns to...

This article investigates the changing relationship between employment and real output in the US economy from 1948 to 2010 at the aggregate level and at some major industry grouping levels of disaggregation. Real output is conventionally measured as value added corrected for price inflation, but...