This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of finance-dominated capitalism since the early 1980s is...

This paper analyzes the implications of bilateral bargaining over wages and employment between a producer and a union representing a finite number of identical workers in a monetary macroeconomic model of the AS--AD type with government activity. Wages and aggregate employment levels are set...

El artículo pretende integrar los desarrollos teóricos en el campo de los mercados imperfectos y monopólicos, y el funcionamiento de la firma en tales condiciones, con las teorías de la distribución del ingreso; particularmente entre los grandes agregados macroeconómicos del capital y el...

Standard monopsony theory, old and new, lacks a realistic criterion to distinguish between monopsony and competitive prices. Consequently, prominent Austrian critics have by and large dismissed it. However, the idea that human action occurs in discrete steps, and consequently that the elasticity...

In a cross-country study, we investigate how staggered passage of national leniency programs from 1990-2012 has affected firms' margins and merger activity. We find that these programs, which give amnesty to cartel conspirators that cooperate with antitrust authorities, reduced the gross margins...

This article presents an example in which perturbations in relative markups and technical progress result in variations in characteristics of the labor market. Around a switch point with a positive real Wicksell effect, a higher wage is associated with firms wanting to employ more labor per unit...

Greek Abstract: Η συμβατική μικροοικονομική θεωρία, η οποία θεμελιώθηκε και αναπτύχθηκε κυρίως από τους νεοκλασικούς οικονομολόγους, εμπεριέχει κάποια βασικά λάθη τα...

The debate that took place at the end of 19th and the beginning of 20th century on the neoclassical income distribution theory based on the marginal productivity of the production factors is well known. The debate evolved especially around the question whether the product is exactly exhausted...

Conventional microeconomic theory, founded and developed mainly by the neoclassical economists, contains some fundamental mistakes that lead economic theory to erroneous conclusions about how the economy operates and the results of this operation. Unfortunately, those mistakes have still...

We present an investigation into the long-run effects of financialisation on income distribution before the financial and economic crises for Germany, one of the major mercantilist export-led economies. The analysis builds on a Kaleckian approach towards the examination of the effects of...