This paper proposes a theory of the mark-up that is embedded in a circuit model of the capitalist mode of production …. The model and the theory are built on Keynes's principle of effective demand, Graziani's monetary theory of production and … rentability of bank credit and the macro-players' propensities to accumulate money in a bank account. …

of involuntary unemployment in that model with ongoing mominal wage rate decline (or deflation). Even if the nominal wage …We analyze involuntary unemployment based on consumers’ utility maximization and firms’ profit maximization behavior … with ongoing nominal wage rate decline. We consider a three-periods overlapping generations (OLG) model with a childhood …

“Dualism” in the structure of production across sectors of the US economy, employment bysector, productivity levels and …

, although persistent involuntary unemployment is acentral and continuing problem both in Keynes and New Keynesians views …, referring to the role of nominal and/or real wages behaviour in explaining unemployment, New Keynesian theories present features …

determines wage bill division. The model helps explain slower U.S. growth over the past thirty years. For much of that period the … functional distribution of income was relatively constant, but growth slowed because income inequality increased owing to wage … bill shift from workers to managers. The wage bill division effect explains why economies can display wage-led and profit …

’s model, to prove decisively in a diagram relegated to a footnote near the end of the article, that money wage cuts could only … work by shifting the LP(LM) curve, which Hicks had renamed the LL curve ,to the right, so that Mw ,money in terms of wage …,ceteris paribus (constant money income) analysis with functions containing only one independent variable that he had used in his 1933 …

This paper provides some evidence on the existence of the wage curve - the negative relationship between individual … wages and the local unemployment rate - within a number of occupations. It exploits the Bank of Italy’s Household Survey and … draws data from 1977 to 2008. An occupation-level wage curve exists for all the employees, while it holds only for a sub …

The difference between the potential net wage income and the social welfare payments is measured for different types of … (explicit and implicit) marginal tax rates for wage income of the recipients of social assistance are extremely high (up to 100 … impeded by the system of social assistance. As a consequence, unemployment increased. …

. Therefore, an indicator which does not use wages at all to estimate the unemployment gap performs the best in forecasting wage …Labour market tightness, that is the ratio of jobs to the unemployed, has an impact on wage setting, which also affects … inflation. Among other things, the unemployment gap, which is the difference between unemployment rate and non …

such a mechanism can quantitatively account for the degree of real wage rigidity in the Bulgarian labor markets, as …