I consider how heterogeneity in capital goods affects international trade patterns, and I show a novel source of comparative advantage: the magnitude of capital goods heterogeneity. Capital goods are heterogeneous in their vintage and productivity, and due to capacity constraints, only...

The paper makes two points as to how standard international trade theory is modified when an endogenous degree of capital utilization is introduced. The first point is that, if capital utilization during a period is less than full because of an exogenous time-dependent variation in productivity...

We study a two-class model of growth and the distribution of income and wealth at the intersection of contemporary work in classical political economy and the post-Keynesian tradition. The key insight is that aggregate demand is an externality for individual firms: this generates a strategic...