We model the interaction between capitalists and entrepreneurs as a dynamic game. The open-loop Nash equilibrium and the closed-loop Nash equilibrium are distinguished. The purpose is to answer some questions that have arisen in the development of profit-led versus wage-led growth models. We...

This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization...

The general consensus among health economists is that the increasing capability of medical providers-often called medical "technology"-is responsible for the majority of growth in medical expenditure. And yet, the principle means of understanding medical technology is through the use of total...

This paper studies, within a growth model, some effects of the inequality between the profit and growth rates on the reproduction of economic elites. To this end, it considers as functions of the capital/income ratio the relations between, on the one hand, the rate of economic growth and, on the...

The accelerated depreciation policy on fixed assets is a representative tax reduction policy in China. However, it is rarely systematically studied on the macro-level. This paper builds a general model for analysing accelerated depreciation. It uses China's input-output data (1987-2015) to test...

The aim of this paper is to discuss the main causes of the interruption of the process of socially inclusive growth that occurred in the Brazilian economy from the mid-2000s, which we will call the Brazilian economy's "Brief Golden Age". Our analysis is based on two central hypotheses. The first...

Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the...

Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...

The interest of this paper is to discuss the main features that characterize the accumulation regimes that have taken place during the twentieth century in Chile. Understanding that a set of institutionalized compromises and political con icts are inherent to any capitalist society, I rely on...