In this paper, we introduce a twofold role for the public sector in the Goodwin (1967) model of the growth cycle. The government collects income taxes in order to: (a) invest in infrastructure capital, which directly affects the production possibilities of the economy; (b) finance publicly...

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...

Four alarming stylized facts have recently emerged in the United States: (i) a decline in the labor share of income; (ii) a decline in labor productivity; (iii) an increase in the top 1% wealth share, and (iv) an increase in the capital-income ratio. In Capital in the XXI Century, Thomas...

This paper provides a further empirical evaluation of the Neoclassical theory of distribution as opposed to Marx-biased technical change (MBTC) by applying the theoretical and empirical framework developed by Foley and Michl (1999), Michl (1999, 2009) and Basu (2010) to a panel of countries....

In our paper, "A Tale of Two Ginis" (Schneider and Tavani, 2016), we presented estimates for two indices of inequality for inequality at the top and the bottom of income distribution based on Jantzen and Volpert (2012). The estimates of the Gini for the bottom of the distribution were based on a...

Following a methodology proposed by Jantzen and Volpert (2012), we use IRS Adjusted Gross Income (AGI) data for the United States (1921-2012) to estimate two Gini-like indices representing inequality at the bottom and the top of the income distribution. We also calculate the overall Gini index...

Four alarming stylized facts have characterized the recent economic history of the United States: (i) a fall in labor productivity; (ii) a fall in the labor share, (iii) an increase in the capital income ratio, and (iv) an increase in the wealth share owned by top income earners. In this paper,...