Monetary analysis requires the introduction of monetary variables into the determination of the equilibrium values of real variables such as production, income, distribution, and accumulation. Contrary to Keynes’s research program of a „monetary theory of production”, neither the older...

In an article published in Development and Change in 2011, I suggested an alternative measure of inequality to the Gini - a "19th Century statistic" - which has subsequently become known as the ´Palma Ratio'. In this new article, I revisit the argument for such a measure. Using new data, I...

This paper provides evidence that shifts in the occupational composition of the U.S. workforce are the most important factor explaining the trend decline in the labor share over the past four decades. Estimates suggest that while there is unitary elasticity between equipment capital and...

Electricity is a general purpose technology and the catalyst for the second industrial revolution. Developing countries are currently making huge investments in electrification, with a view to achieving structural change. What does history say about its impact on the structure of employment? We...

We analyze the role of credit markets in explaining the changes in the U.S. labor share by evaluating the effects of state-level banking deregulation, which resulted in improved access to cheaper credit. Utilizing a difference-in-differences strategy, we provide causal evidence showing labor...

We analyze the role of credit markets in explaining the changes in the U.S. labor share by evaluating the effects of state-level banking deregulation, which resulted in improved access to cheaper credit. Utilizing a difference-in-differences strategy, we provide causal evidence showing labor...

This paper presents evidence of how the shares of labour and capital costs and profits in the gross value added of corporate sectors of France, Germany, Italy, Spain and the US varied between 1995 and 2016, and seeks to explain the differences between countries and how they have developed over...

The value of the elasticity of substitution between labor and capital (ó) is a "crucial" assumption in the study of factor incomes (e.g., Piketty (2014a), Piketty and Zucman (forthcoming), Karabarbounis and Neiman (2014)) and long-run growth (Solow, 1956). This paper begins by examining the...

We analyse the effects of interest rate variations on the rates of capacity utilisation, capital accumulation and profit in a simple post-Kaleckian distribution and growth model. This model gives rise to different potential accumulation regimes depending on the values of the parameters in the...

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the...