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"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...
Persistent link: https://www.econbiz.de/10002917579
A simple classical-Marxian model of growth and distribution is developed in which education transforms low-skilled workers into high-skilled ones and in which high-skilled workers save and hold capital, therefore receiving both high-skilled wages and profit income. We analyze the implications...
Persistent link: https://www.econbiz.de/10011596528
accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation …
Persistent link: https://www.econbiz.de/10012150038
Persistent link: https://www.econbiz.de/10011765161
This paper uses a computational framework to analyse the equilibrium dynamics of exploitation and inequality in accumulation economies with heterogeneous labour. A novel index is presented which measures the intensity of exploitation at the individual level and the dynamics of the distribution...
Persistent link: https://www.econbiz.de/10011787899
Persistent link: https://www.econbiz.de/10001979861
This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo … exploitation index can be constructed. It is argued that a minimal objectivism is necessary in exploitation theory, whereby … related to the 'New Interpretation' ([1]; [3]). It is argued that it captures the core intuitions of exploitation theory and …
Persistent link: https://www.econbiz.de/10003933905
Roemer's (1982, 1988) classical approach and all the crucial insights of exploitation theory are generalised, proving that …
Persistent link: https://www.econbiz.de/10003933908
Persistent link: https://www.econbiz.de/10003921737
Persistent link: https://www.econbiz.de/10003921738