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...

With a foreigner share of almost 20 percent and a traditionally tight labourmarket, Switzerland has evolved into an immigration country against its own intention. In thepast, many low-qualified workers originally recruited on a temporary basis were allowed tosettle in Switzerland. This approach...