Income inequality is "the defining challenge of our time", former US President Barack Obama said in a speech in December 2013. Undoubtedly, the financial crisis and the sluggish recovery in its aftermath have increased the attention to rising inequality. This survey addresses the consequences of...

In diesem Beitrag wird mit dem Strukturwandel zugunsten des Dienstleistungssektors und der wachsenden Polarisierung der Einkommensverteilung die Interaktion zweier ökonomischer "Megatrends" betrachtet. Im Mittelpunkt stehen dabei die sozialen Konsequenzen der "Baumol'schen Kostenkrankheit", von...

"'Keynes' Chapter 3 on 'The Principle of Effective Demand'", schreibt Patinkin (1979a, S. 155), "is at one and the same time the most important and the most obscure chapter in the General Theory: most important, because it contains the major innovation of the book ...". Und obskur ist es in der...

Michael Grossman’s human capital model of the demand for health has been argued to be one of the major achievements in theoretical health economics. Attempts to test this model empirically have been sparse, however, and with mixed results. These attempts so far relied on using – mostly...

Keynes introduces the term 'effective demand' in chapter 3 of the General Theory as designating the point of intersection of two functions: the 'aggregate demand function' (D) and the 'aggregate supply function' (Z). For the first time in the literature, I here specify exact functional forms for...

The year 2017 marks the 50th anniversary of William J. Baumol’s seminal model of ‘unbalanced growth’, which predicts the so-called ‘Growth Disease’, i.e., the tendency of aggregate productivity growth to slow down in the process of tertiarisation. In an important contribution published...