We analyse the effects that changes in the scale of public pension systems may exert on production and employment when there is some unused productive capacity, and income distribution results from workers' and capitalists' inconsistent claims on output shares. The essay calls attention to the...

This paper builds upon the Keynesian theory of demand-led growth in order to provide an analytical framework for explaining economic growth and development in concrete terms, consistent with the fundamental idea that growth in output and employment is determined by the growth in aggregate...