In this paper I present an explanation to the fact that in the data wealth is substantially more concentrated than income. Starting from the observation that the composition of households' portfolios changes towards a larger share of high-yield assets as the level of net worth increases, I first...

This chapter is concerned with the distribution of personal wealth, which usually refers to the material assets that can be sold in the marketpace, although on occasion pension rights are also included. We summarise the available evidence on wealth distribution for a number of countries. This...

We use data from the Federal Reserve Board's Survey of Consumer Finances (SCF) to explore how household asset portfolios in the United States evolved between 1989 and 2016. Throughout this period, two key assets - housing and financial market assets - drove the household balance sheet evolution;...

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...

The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and...

The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...

The re-distribution of income from labour to capital, from workers to top-managers, and from low income households to the rich has been an important feature of financedominated capitalism since the early 1980s. After the Great Financial Crisis and the Great Recession in 2007-9, the recovery has...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

The paper builds on the concept of (shifting) involvements, originally proposed by Albert Hirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where income distribution is determined by the involvement of the two classes, capitalists and...

We introduce a gender wage gap into basic one-good textbook versions of the neo-Kaleckian distribution and growth model and examine the effects of improving gender wage equality on income distribution, aggregate demand, capital accumulation and productivity growth. For the closed economy model,...