This paper presents a three class growth model with labor market conflict. The classes are workers, a middle management middle class, and a "top" management capitalist class. The model introduces personal income distribution that supplements conventional concerns with functional income...

The distinction between wage-led and profit-led growth is a major feature of Post-Keynesian economics and it has triggered an extensive econometric literature aimed at identifying whether economies are wage or profit-led. That literature treats the economy's character as exogenously given. This...

This paper presents a neo-Kaleckian-Goodwin model of growth and distribution. The key innovation is the introduction of managerial pay. Kaleckian monopoly power determines the functional distribution of income and Goodwin labor bargaining power determines wage bill division. The model helps...

In dem Aufsatz wird der Zusammenhang zwischen funktionaler Einkommensverteilung und Wirtschaftswachstum in Österreich, Frankreich, Deutschland, den Niederlanden, Großbritannien und den USA für den Zeitraum von 1960 bis 2005 untersucht. In Anlehnung an Bhaduri/Marglin (1990) legt die Analyse...

We review recent attempts to integrate 'financialisation' processes into Post-Keynesian distribution and growth models and distinguish three principal channels of influence: 1. objectives and finance restrictions of firms, 2. new opportunities for households' wealth-based and debt-financed...

The macroeconomic effects of "financialisation" are assessed applying two different variants of a Kaleckian model of distribution and growth. The focus is on the effects of changes in distribution between shareholders/rentiers, firms and workers, as well as on the effects of increasing...

We analyse the relationship between functional income distribution and economic growth in France and Germany from 1960 until 2005. The analysis is based on a demand-driven distribution and growth model for an open economy inspired by Bhaduri/Marglin (1990), which allows for profit- or wage-led...

The trend of increasing inequality in the distribution of income and wealth in most developed countries has led to calls for corrective tax increases for the rich and wealthy. Such calls are often confronted with the claim that higher taxes on top personal incomes, corporate income and wealth...

Into an analytical stock-flow consistent Post-Kaleckian distribution and growth model the following transmission channels of 'financialisaton' are integrated. 1. 'Financialisation' is assumed to affect distribution between firms and rentiers in the short run, and distribution between capital and...