We model the interaction between capitalists and entrepreneurs as a dynamic game. The open-loop Nash equilibrium and the closed-loop Nash equilibrium are distinguished. The elasticity of intertemporal substitution as well as the level and responsiveness of the wage rate to the accumulation of...

We model the interaction between capitalists and entrepreneurs as a dynamic game. The open-loop Nash equilibrium and the closed-loop Nash equilibrium are distinguished. The purpose is to answer some questions that have arisen in the development of profit-led versus wage-led growth models. We...

We examine solutions in which neither player is worse off from the leadership of one in a policy maker-public game. The loop model of dynamic games is used. Outcome space is dotted with equivalence classes of solutions. The Dynamic Stochastic General Equilibrium (DSGE) results and their New...

Purpose – The purpose of this paper is to appraise the transition from bank-based systems to universal banking. Design/methodology/approach – The Wynne Godley and Francis Cripps macroeconomic framework is used to structure the argument. Findings – It is shown that the activity of...

Purpose – The purpose of this paper is to appraise the transition from bank‐based systems to universal banking. Design/methodology/approach – The Wynne Godley and Francis Cripps macroeconomic framework is used to structure the argument. Findings – It is shown that the activity of...