Correa, Romar - In: South Asian Journal of Macroeconomics and Public Finance 1 (2012) 1, pp. 15-24
The distinction between costs and prices aggregates into the conflict between wages and profits in a macro-accounting framework. We exploit the Godley and Lavoie (2007) framework to derive a dynamical system in the variables. Deflation in at least one price is both necessary and sufficient for...