This paper presents a model of secular stagnation, income and wealth distribution, and employment in the Classical … of substitution is above one, the wage share falls. Both Piketty and Gordon assume full employment at all times. In our … explanation, which does not presuppose full employment, the key tension is between profit-driven capital accumulation and wage …

Pasinetti (1962) approach to differential saving propensities among classes with the theory of induced technical change (ITC) by …

Japan is in the midst of a protracted spell of depressed economic activity. Japan's economic stagnation has occurred … lifetime employment guarantees are gradually disappearing. At the same time, earnings in some high-skilled occupations have …

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation …