A novel parameterization of a two-good economic model, consumption good and capital good, enables straightforward resolution of various issues that have vexed the long Cambridge capital controversy, including the existence of single quantities for both capital quantity and capital value...

Claims made in the course of the Cambridge capital controversy about the relationships among the quantity, value, and price of capital are necessarily scalar, as all of these are scalar values, even when made in respect of capital composed of heterogeneous commodities. However, the received...

The world has been changing and developing rapidly with advanced technology and the enhancement of humans’ living standards. Economics is one of the disciplines that works to define “development,” determine nations’ current stage of development, and design policies to work effectively...

This paper intends to present a novel perspective on the capital debates. Thomas Piketty, on his book, asserts that the capital debates were virtually meaningless and the neoclassical side won the debates, and this brought several discussions on this point. This paper does not wish to argue that...

This article considers the empirical record of the 1942-1951 period of Federal Reserve history when the Fed was more politically accountable and more independent of private financial interests. During the 1940s, federal spending was nearly twice as high as today, and federal borrowing was more...

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

We propose to introduce inflation via conflicting-claims, an endogenous labor productivity regime à la Kaldor-Verdoorn and an explicit account for the labor market into an SFC model that combines an endogenous autonomous expenditure component with the induced investment behavior of firms. The...

Supermultiplier models have been recently brought to the post-Keynesian debate. Yet these models still rely on quite simple economic assumptions, being mostly flow models which omit the financial determinants of autonomous expenditures. Since the output growth rate converges in the long run to...