Growth, Distribution, and Effective Demand

Classical and Post-Keynesian Perspectives
1. Auflage 2026
ISBN: 978-1-032-23260-7
Verlag: Taylor & Francis Ltd

Buch, Englisch, 288 Seiten, Format (B × H): 156 mm x 234 mm, Gewicht: 453 g

Reihe: Routledge Frontiers of Political Economy

Spanning theoretical and empirical contributions in the tradition of classical political economy and post-Keynesian economics, this volume explores the relationship between economic growth and the distribution of income and wealth.

The book makes a case for a rigorous empirically informed alternative economic scholarship providing more progressive and inclusive policy prescriptions than the dominant neoclassical paradigm. Mainstream economics has only recently showed interest in the problems with the distribution of income and wealth. Conversely, issues of distribution have been central in the debate among heterodox economists working in the classical and post-Keynesian tradition. The book begins by laying out “stylized facts” on the recent evolution of income distribution in the United States; it then moves to addressing the relationship between distribution, technical change, and trade in classical models, and presents a series of contributions along post-Keynesian lines on the interactions between demand and distribution, as well as policy implications. It then addresses the problems of path-dependence, hysteresis, and the potential instability arising from fiscal consolidation for economic growth, the distribution of income and wealth, and long-run growth.

This volume marks a significant contribution to the literature on alternative approaches to macroeconomics, income distribution and economic policy.

Zielgruppe

Postgraduate

Autoren/Hrsg.

Tavani, Daniele

Foley, Duncan K.

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Wirtschaftstheorie, Wirtschaftsphilosophie

Inhaltsverzeichnis

1 Introduction. Part I Stylized Facts: 2 Stylized facts on the evolution of profit rates in the U.S.: Evidence from firm-level data; 3 Personal income inequality in USA from a two-class perspective: 2004-2018; 4 The Neoliberal Financial System. Part II Classical Political Economy, Technical Change, and Trade: 5 Technical change and profitability in general economies with fixed capital and differential profit and wage rates; 6 Induced technical change and income distribution: the role of public R&D and labor market institutions; 7 Conventions, Power and Distributional Dynamics in a Simple Classical-Marxian Model with Technical Change; 8 Global Value Chains and Unequal Exchange: Market Power and Monopoly Power. Part III Post-Keynesian Perspectives: 9 Post-Keynesian vignettes on secular stagnation: From labor suppression to natural growth; 10 The (endogeneity of the) national emergency utilization rate; 11 Harrodians and Kaleckians: a suggested reconciliation and synthesis; 12 Economic growth in dual and mature economies: revisiting the Pasinetti and neo-Pasinetti theorems. Part IV Path-Dependence, Hysteresis, and Instability: 13 An Estimation of Unemployment Hysteresis; 14 Outputs and government deficits: Does fiscal consolidation pass the test of (in)stability? Part V The Road Ahead: 15 Structuralist macroeconomics: past, present and future. Index.

Über Autor(innen)

Daniele Tavani is Professor and Chair of the Department of Economics at Colorado State University. Working in the classical and post-Keynesian traditions, his research focuses on the relationship between income and wealth distribution and economic growth, the economics of technological change, fiscal policy, and stratification economics. He is a coauthor of Growth and Distribution, Second Edition.

Duncan K. Foley is the Leo Model Professor Emeritus of Economics at the New School for Social Research. A leading figure in classical, Marxian, and complexity economics, his work spans economic theory, the history of economic thought, monetary economics, and the economics of climate change. He is the author of several books, including Adam's Fallacy, Understanding Capital (Harvard University Press), and Making Statistics Work: Information Theory and Bayesian Inference (with Ellis Scharfenaker, Columbia University Press, 2026). He received the 2015 Leontief Prize for Advancing the Frontiers of Economic Thought, and the 2017 Guggenheim Prize for the History of Economic Thought.