The author of this note takes it as self evident that prosperity and the provision of "things" (buildings, roads, furniture, furnishings, clothes, machines and equipment of all sorts) go together. The way people generally speak and act is in line with this view. If this is so, domestic...

Is industrial production relatively in decline? No, it is not. This note displays the evidence that for the last 40 years, in the 6 largest economies of the world, industrial production has kept pace with total output.

We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by many authors who adopt this approach can be solved by integrating a simple Circuit model with a...

In this paper, we study some of the properties of a discrete-time version of the two-class model of growth and distribution proposed by Pasinetti (1962) and Samuelson and Modigliani (1966) with a concave production function of the CES type. Two distinct groups of agents, workers and capitalists,...

In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki’s original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation,...

The hypothesis that the behavior of firms in adjusting the number of their employees along a business cycle depends on the size of the firms has often been mentioned in the literature. Several authors argue that small and medium sized enterprises are more hesitant in hiring additional employees...

The introduction of monetary variables into post-Keynesian models of distribution and growth is an ongoing process. Lavoie (1995) has proposed a Kaleckian ‘Minsky-Steindl-model’ of distribution and growth, incorporating the effects debt and debt services have on short and long run capital...