We study a two-class model of growth and the distribution of income and wealth at the intersection of contemporary work in classical political economy and the post-Keynesian tradition. The key insight is that aggregate demand is an externality for individual firms: this generates a strategic...

We present a simple three-class model in the Kaleckian tradition to investigate the implications of a dominant managerial class class for the dynamics of demand and distribution. Managers are hired by capitalists to supervise workers, but supervision results in surplus extraction and wage...

A longstanding criticism to Keynesian and Kaleckian growth theories is the question: why would firms operating with underutilized capacity still accumulate capital stock? This paper offers an answer by analyzing the choice of capacity utilization and accumulation in a strategic setting. The...

We study a two-class model of growth and the distribution of income and wealth at the intersection of contemporary work in classical political economy and the post-Keynesian tradition. The key insight is that aggregate demand is an externality for individual firms: this generates a strategic...

A longstanding criticism to Keynesian and Kaleckian growth theories is the question: why would firms operating with underutilized capacity still accumulate capital stock? This paper offers an answer by analyzing the choice of capacity utilization and accumulation in a strategic setting. The...