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In this paper the differences between the principle of effective demand of Keynes and Kalecki are analyzed, focusing on Kalecki's less well known version. The paper considers, in the first place, the theory of prices and the theory of distribution. Then it deals with the theory of investment,...
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This paper studies optimal dynamic tax policy under the threat of political reform. A policy will be reformed ex post if a large enough political coalition supports reform; thus, sustainable policies are those that will continue to attract enough political support in the future. We find that...
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commitments. The political regime is shown to depend not only on income levels, but also, in particular, on resource inequality … inequality across several dimensions due to unbalanced technological change, immigration or changes in the demographic structure …
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responsive to increases in inequality. A substantial literature on the impacts of inequality on economic growth exists, but has … standard of living of middle-income and low-income families. In the context of rising inequality, increased overall growth is … income can potentially lead to increases in the incomes of low and middle-income families if economic growth is sufficiently …
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