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Income Distribution in a Stock-Flow Consistent Model with Education and Technological Change

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Author Info

  • Stephen Kinsella

    ()
    (Kemmy Business School, Department of Economics, University of Limerick, Co. Limerick, Limerick, Ireland.)

  • Matthias Greiff

    (Institute of Institutional and Innovation Economics, Faculty of Economics and Business Studies, Hochschulring 4, D-28359 Bremen, Germany)

  • Edward J Nell

    (Department of Economics, New School for Social Research, 6 East 16th Street, New York, NY, 10003, USA)

Abstract

We model a macroeconomy with stock-flow consistent national accounts built from the local interactions of heterogenous agents (households, firms, bankers, and a government) through product, labor, and money markets in discrete time. We use this model to show that, without any restrictions on the type of interactions agents can make, and with asymmetric information on the part of firms and households in this economy, power-law dynamics with respect to firm size and firm age, income distribution, skill set choice, returns to innovation, and earnings can emerge from multiplicative processes originating in the labor market.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 37 (2011)
Issue (Month): 1 ()
Pages: 134-149

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Handle: RePEc:pal:easeco:v:37:y:2011:i:1:p:134-149

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Cited by:
  1. Riccetti, Luca & Russo, Alberto & Mauro, Gallegati, 2013. "Financial Regulation in an Agent Based Macroeconomic Model," MPRA Paper 51013, University Library of Munich, Germany.
  2. Metzig, Cornelia & Gordon, Mirta B., 2014. "A model for scaling in firms’ size and growth rate distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 398(C), pages 264-279.
  3. Alessandro Caiani & Antoine Godin & Stefano Lucarelli, 2012. "Innovation and Finance: An SFC Analysis of Great Surges of Development," Economics Working Paper Archive wp_733, Levy Economics Institute, The.
  4. Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2013. "Unemployment benefits and financial factors in an agent-based macroeconomic model," Economics Discussion Papers 2013-9, Kiel Institute for the World Economy.
  5. Tommaso Ciarli & Andre' Lorentz & Maria Savona & Marco Valente, 2012. "The role of technology, organisation, and demand in growth and income distribution," LEM Papers Series 2012/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Alessandro Caiani & Antoine Godin & Stefano Lucarelli, 2013. "Innovation and Finance: A Stock Flow Consistent Analysis of Great Surges of Development," INET Research Notes 34, Institute for New Economic Thinking (INET).
  7. Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2012. "An Agent Based Decentralized Matching Macroeconomic Model," MPRA Paper 42211, University Library of Munich, Germany.
  8. Eugenio Caverzasi & Antoine Godin, 2013. "Stock-flow Consistent Modeling through the Ages," Economics Working Paper Archive wp_745, Levy Economics Institute, The.
  9. Antoine Godin, 2012. "Guaranteed Green Jobs: Sustainable Full Employment," Economics Working Paper Archive wp_722, Levy Economics Institute, The.
  10. Stephen Kinsella, 2011. "Words to the Wise: Stock Flow Consistent Modeling of Financial Instability," INET Research Notes 19, Institute for New Economic Thinking (INET).

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