The paper tries to build a framework of the interconnections between income distribution and accumulation for the years after 1980. On the basis of this framework it is argued that it was primarily the weakening of the inducements to invest that improved the attractiveness of financial...

<em>Demographic Forecasts and Sustainability of the Italian Pension Expenditure</em> - This article discusses the effects that changes in the age structure of the Italian population could exert on the sustainability of public pension provision. After discussing the poor performance of demographic...

During the last quarter of the 20th Century, the conventional wisdom prevailing in academic, political and financial circles was definitely against government deficits. At the turn of the century, however, a substantial recourse to deficit spending practices in the United States reopened the...

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...