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Income Distribution, Rentiers, and Their Role in a Capitalist Economy

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  • Mario Seccareccia
  • Marc Lavoie

Abstract

The paper reviews some of the important developments since the financial crisis both on the issue of secular stagnation, as put forth by Lawrence Summers (2014a), and the rising share of profit as put forth by Thomas Piketty (2014), and it also seeks to tackle the issue of income distribution in a Keynes–Pasinetti perspective that offers important Keynesian analytics of the cyclical and long-term interaction between the rentier and the nonrentier sectors. This alternative Keynesian perspective on income distribution serves to shed light, both theoretically and empirically, on the specific evolution of this socioeconomic interaction, by analyzing time series over long historical periods for both the United States and Canada going back to before the Great Depression. It also seeks to better frame the well-known policy perspective on the euthanasia of the rentiers espoused by Keynes in the General Theory.

Suggested Citation

  • Mario Seccareccia & Marc Lavoie, 2016. "Income Distribution, Rentiers, and Their Role in a Capitalist Economy," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(3), pages 200-223, July.
    • Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:200-223
    DOI: 10.1080/08911916.2016.1230447
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    References listed on IDEAS

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    1. Marc Lavoie & Mario Seccareccia (ed.), 2004. "Central Banking in the Modern World," Books, Edward Elgar Publishing, number 3297.
    2. John Smithin, 1996. "Macroeconomic Policy and the Future of Capitalism," Books, Edward Elgar Publishing, number 764.
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    Cited by:

    1. Stratford, Beth, 2020. "The Threat of Rent Extraction in a Resource-constrained Future," Ecological Economics, Elsevier, vol. 169(C).
    2. Louis-Philippe Rochon & Guillaume Vallet, 2022. "The institutions of the people, by the people and for the people? Addressing central banks' power and social responsibility in a democracy," PSL Quarterly Review, Economia civile, vol. 75(301), pages 83-102.
    3. Enrico Sergio Levrero, 2021. "Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment," International Journal of Political Economy, Taylor & Francis Journals, vol. 50(1), pages 5-27, February.
    4. Marc Lavoie & Mario Seccareccia, 2019. "Macroeconomics and natural rates: some reflections on Pasinetti’s fair rate of interest," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(2), pages 139-165, December.
    5. Leiva, Benjamin, 2020. "Natural resource rent allocation, government quality, and concession design: The case of copper in Chile," Resources Policy, Elsevier, vol. 68(C).
    6. Stefano Di Bucchianico, 2021. "Negative Interest Rate Policy to Fight Secular Stagnation: Unfeasible, Ineffective, Irrelevant, or Inadequate?," Review of Political Economy, Taylor & Francis Journals, vol. 33(4), pages 687-710, October.
    7. Guillaume Vallet, 2021. "Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(3), pages 23-39.
    8. Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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