This paper proposes that one major explanation of growing inequality in the United States (US) is through the use of the concept of economic surplus. The economic surplus is a neo-Marxian term which combines the traditional Marxian tenet of surplus value with other ways that surplus value can be...

One frequently given explanation for why autocrats maintain corrupt and inefficient institutions is that the autocrats benefit personally even though the citizens of their countries are worse off. The empirical evidence does not support this hypothesis. Autocrats in countries with low-quality...

This article studies the ratio of the rates of profit and growth, in a growing economy, as a function of the average productivity of capital. It is shown that, if the savings rate and also the distribution of income between wage and profit are constant, the ratio mentioned remains constant or...

Thomas Piketty and coauthors of his have suggested an economic law, by Piketty called the Second Fundamental Law of Capitalism, implying that a long-lasting and considerable growth slowdown will cause substantial increases in wealth-income ratios in the long run. Critics have pointed out that...

A common question in academic debates is whether globalization exacerbates poverty and inequality on the planet. Many argue that globalization is indeed a force for adverse developments for humanity. The purpose of this study is to discuss the extent to which these approaches are valid. To...