The paper tries to build a framework of the interconnections between income distribution and accumulation for the years after 1980. On the basis of this framework it is argued that it was primarily the weakening of the inducements to invest that improved the attractiveness of financial...

The picture one is bound to form of the whole question of pensions depends on whether one views it through the lens of the 'principle of scarcity' or through that of the 'principle of the underutilisation of productive resources in a market economy.' A generous PAYG system of the defined-benefit...

By considering the role of U.S. military expenditure in the growth experience of the advanced capitalist countries in the forty years following World War II, this article shows that military expenditure played a crucial role in maintaining low levels of unemployment. On these grounds, the...

The article analyses the rise in household indebtedness from the point of view of its causes and long-run macroeconomic implications. The analysis is focussed on the US case. Differently from life-cycle interpretations of the phenomenon, and from interpretations in terms of erratic deviations of...