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The most basic economic theory suggests that rising incomes in developing countries will deter emigration from those countries, an idea that captivates policymakers in international aid and trade diplomacy. A lengthy literature and recent data suggest something quite different: that over the...
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We use consumption and balance sheet data disaggregated between the top 5% and the bottom 95% of US households by income to show that the bottom 95% went deeply into debt to mitigate the impact of their stagnant incomes on their consumption. We use micro data to calibrate an intrinsic Keynesian...
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We review post-Keynesian assessments of the macroeconomic demand and growth impacts of financialisation. First, we … demand, i.e. investment, consumption and net exports. Since increasing shareholder power and shareholder value orientation of … important result is the emergence of 'profits without investment' demand and growth regimes, for which we point out the …
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