This paper analyzes the theoretical and methodological issues related to the empirical measurement of prices of production and wage-profit curves. A number of shortcomings of the standard approach are discussed, focusing in particular on the neglect of capital stock matrices and on the...

In this paper we set up a baseline, but nevertheless advanced and complete model representing detailed goods market dynamics, heterogeneous labor markets, dual and cross-dual wage-price adjustment processes, as well as counter-cyclical government policies. The cyclical movements of output...

The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes’s theory of effective demand and finance. In view of this, Peter Flaschel and...

This book builds on the Marx–Keynes–Schumpeter approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern...

In this paper we investigate the role and the feedback structure of income distribution in the macro-dynamics of the U.S. economy after World War II. Among other things we analyze both theoretically and empirically the influence of job insiders on wage determination. Furthermore, by means of...

This paper demonstrates how the labour and product markets interact in determining as outcome a generalized reduced-form price Phillips curve. For the labour market we consider a wage Phillips curve and for the product market a price Phillips curve. We estimate separately the wage and price...