This paper compares fully-funded (FF) and pay-as-you-go (paygo) pension plans in a Keynesian framework for an economy with overlapping generations and excess capacity. The model addresses both short/medium-run equilibria and steady-states. Income distribution and class conflict, two crucial...

This paper presents a classical model of economic growth which incorporates class conflict and induced technological change to show how demographic changes can affect future income distribution and production relations in industrialized countries. Specifically, I use an extended real wage...

This paper investigates the interaction of structural change and the labor share. We use a series of thought experiments that combine theoretical assumptions underlying labor markets in Baumol and Lewis with the accounting of a sectoral decomposition of the labor share. The focus lies on a shift...

We explore four decades of cyclical and long-run dynamics in income distribution and economic activity for a panel of thirteen OECD countries. Based on predator-prey dynamics, we find that the business cycle is weakly profit-led , and that the long-run equilibrium has been shifting towards a...

We explore four decades of cyclical and long-run dynamics in income distribution and economic activity for a panel of thirteen OECD countries, as measured by the wage share and the output gap. When modeled as a Goodwin model, our results suggest that economic activity is weakly profit-led and...