This paper presents a model of secular stagnation, income and wealth distribution, and employment in the Classical … of substitution is above one, the wage share falls. Both Piketty and Gordon assume full employment at all times. In our … explanation, which does not presuppose full employment, the key tension is between profit-driven capital accumulation and wage …

generation and maintenance of full employment, and the equitable distribution of incomes. The paper reconsiders the policy … opposed to the output gap) is far more effective in stabilizing employment, incomes, investment, and balance sheets. -- The … Great Recession ; Fiscal Policy ; Macroeconomic Stabilization ; Employment …

stabilization efforts directed toward the real sector, the relatively disappointing impact on employment was a result of misdirected … funding priorities combined with an exclusive and ill-advised focus on the output gap rather than on the employment gap. The … paper argues further that conventional pump-priming policies are incapable of closing this employment gap. In order to …