Book review: Liêm Hoang-Ngoc "Le fabuleux destin de la courbe de Phillips. Les théories de l'inflation et du chômage après Keynes"

The aim of this short article is to build a model in order to take into account capital scrapping (or bankruptcies) in an income distribution and growth model. The reason to introduce capital scrapping results from the intuition of some inconsistencies between theoretical predictions and...

In this article, we propose a simple Post Keynesian model so as to test whether French economy is wage or profit-led i.e. whether a wage share increase has a negative or positive impact on economic growth. In that perspective, we estimate econometrically the three behaviour equations of our...

According to orthodoxy, wage moderation policies are a good way to support growth and employment. The recent versions of the (neo-)Kaleckian model criticise this assertion. We present and discuss this model in its canonical form. Then we take into account some important developments: endogenous...

DISTRIBUTION AND GROWTH IN FRANCE (1982-2006): A COINTEGRATED VAR APPROACH. We propose a simple Post Keynesian model so as to test whether French economy is profit or wage-led i.e. whether a profit share increase has a positive or negative impact on economic growth. In that perspective, we...

Recent papers have reconsidered the paradox of profits, that is the difficulty to explain how monetary profits can be generated when firms borrow only the wage bill to finance their production. In this article, we use a stock-flow consistent approach give a solution to this paradox assuming...

Keynes' principle of effective demand constitutes a pillar for Post Keynesians theories. But Keynes' presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is then to demonstrate how these entrepreneurs...

The loanable funds controversy cannot be settled without prior agreement on the meanings of income and equilibrium. The essential claim of loanable funds theory is that disequilibrium in the goods market affects the rate of interest. This paper introduces financial accounting concepts and a new...

This article presents a Kaleckian model enriched by introducing autonomous public expenditure which grows at an exogenous rate. It shows that the usual properties are not affected in the short run: growth is wage-led. But long run properties are strongly affected: public expenditure plays a role...