Inside debt, aggregate demand, and the Cambridge theory of distribution

Article Abstract:

A Kaleckian model of aggregate demand with inside debt and generational structure reveals the manner in which the impact of worker debt and population influences the growth rate of aggregate demand. The model, along with a reevaluation of Cambridge theory of distribution, reveals that worker borrowings lead to interdependence of profit rate, profit share, and worker consumption behavior. This is due to the proportionate increase in the capitalist's debt service income, which forces a decline in profits to maintain an equation between capitalist's savings and investment needs.

Analysis, Evaluation, Influence, Economics, Distribution (Economics), Debt, Population, Demand (Economics), Kalecki, Michal

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MOney, fiscal policy and the Cambridge theorem

Article Abstract:

Pasinetti's Cambridge theory of income distribution is extended to a monetary economy and the implications of fiscal deficits that are money financed are explored. The Pasinetti Paradox is shown as a special case, applicable to non-monetary economies or monetary economies with constant prices. The introduction of steady-state inflation generates an inflation tax on money holdings, which in turn affects savings.

Income distribution

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The stock market and investment: another look at the micro-foundations of q theory

Article Abstract:

Research is presented concerning the three versions of financial q which have been developed by Minsky and Hayashi, and Brainard and Tobin. A distinction which can be made between financial q and real q is discussed.

Research, Profit, Profits, Stock-exchange, Stock exchanges, Investments, Arbitrage, Capital

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