This paper presents a structuralist model of inflation and applies it to the US economy. The model uses a mark-up rule to specify inflation as a function of income distribution and capacity utilization, as usual in structuralist macroeconomics, but it also includes inflation expectations, the...

There are regular counterclockwise cycles involving capacity utilization u (horizontal axis) and the labor share &psgr; (vertical axis) in the US economy since 1929. As in Goodwin's cyclical growth model, &psgr; can be interpreted as a Lotka-Volterra predator variable and u as prey. In a phase diagram,...