The paper analyses the relationship between interest and profit and endeavours to apply the "monetary " theory of distribution to the American case. After an overview of the main features of the theory, the paper focuses on the American recent experience of cheap money as an interesting example...

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...

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...

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...