Income Inequality, Leisure-Labor Choices and Public Debt's Neutrality
This paper presents a variant of the traditional Diamond modeling of public debt and economic growth; a variant leading to debt's neutrality even in the absence of the assumptions under which the neutrality result usually holds. The model incorporates explicitly the impact of socioeconomic classes and leisure-labor choices. The issue of neutrality is then approached in a Kaleckian fashion. The effects of the hedging and leisure-labor behavior of one social class's members balance the effects of the opposite hedging and leisure-labor attitudes of the other class's members.
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Volume (Year): 30 (1995)
Issue (Month): 2 (July)
Pages: 241 -250
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