Growth, Distribution, and Effective Demand Classical and Post-Keynesian Perspectives

List of figures

List of contributors

1 Introduction

Duncan Foley and Daniele Tavani

Part I Stylized Facts

2 Stylized facts on the evolution of profit rates in the U.S.: Evidence from firm-level

data

Leila Davis and Joao de Souza

3 Personal income inequality in USA from a two-class perspective: 2004-2018

Rishabh Kumar

4 The Neoliberal Financial System

Simon Mohun

Part II Classical Political Economy, Technical Change, and Trade

5 Technical change and profitability in general economies with fixed capital and differential

profit and wage rates

Jonathan F. Cogliano, Peter Flaschel, and Roberto Veneziani

6 Induced technical change and income distribution: the role of public R&D and labor

market institutions

Luca Zamparelli and  Paolo Giordani

7 Conventions, Power and Distributional Dynamics in a Simple Classical-Marxian Model

with Technical Change

Amitava Krishna Dutt

8 Global Value Chains and Unequal Exchange: Market Power and Monopoly Power

Deepankar Basu and Ramaa Vasudevan

Part III Post-Keynesian Perspectives

9 Post-Keynesian vignettes on secular stagnation: From labor suppression to natural

growth

Codrina Rada, Marcio Santetti, Ansel Schiavone and Rudiger von Arnim

10 The (endogeneity of the) national emergency utilization rate

Michalis Nikiforos

11 Harrodians and Kaleckians: a suggested reconciliation and synthesis

Mark Setterfield

12 Economic growth in dual and mature economies: revisiting the Pasinetti and neo-

Pasinetti theorems

Peter Skott

Part IV Path-Dependence, Hysteresis, and Instability

13 An Estimation of Unemployment Hysteresis

Engelbert Stockhammer and Robert Calvert Jump

14 Outputs and government deficits: Does fiscal consolidation pass the test of (in)stability?

G´erard Dum´enil and Dominique L´evy

Part V The Road Ahead

15 Structuralist macroeconomics: past, present and future

Thomas R. Michl

Index

Biography

Daniele Tavani is Professor and Chair of the Department of Economics at Colorado State University. Working in the classical and post-Keynesian traditions, his research focuses on the relationship between income and wealth distribution and economic growth, the economics of technological change, fiscal policy, and stratification economics. He is a coauthor of Growth and Distribution, Second Edition.

Duncan K. Foley is the Leo Model Professor Emeritus of Economics at the New School for Social Research. A leading figure in classical, Marxian, and complexity economics, his work spans economic theory, the history of economic thought, monetary economics, and the economics of climate change. He is the author of several books, including Adam's Fallacy, Understanding Capital (Harvard University Press), and Making Statistics Work: Information Theory and Bayesian Inference (with Ellis Scharfenaker, Columbia University Press, 2026). He received the 2015 Leontief Prize for Advancing the Frontiers of Economic Thought, and the 2017 Guggenheim Prize for the History of Economic Thought.