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Income Distribution and Crisis in a Marxian Schema of the Monetary Circuit

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  • Guglielmo Davanzati

Abstract

This paper aims to provide an interpretation of economic crises by superimposing Marxian and institutional issues on the theoretical framework of the monetary theory of production. The dynamics of wages are considered, along with investment and conspicuous consumption on the part of rentiers, in order to show that the current economic crisis ultimately results from the combination of declining wage shares, increasing financial rents, and reduced investment.

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  • Guglielmo Davanzati, 2011. "Income Distribution and Crisis in a Marxian Schema of the Monetary Circuit," International Journal of Political Economy, Taylor & Francis Journals, vol. 40(3), pages 33-49.
    • Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:33-49
    DOI: 10.2753/IJP0891-1916400303
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    Cited by:

    1. Alain Parguez, 2014. "The true rules of a good management of public finance. An explanation of the fatal Eurozone crisis," Chapters, in: Riccardo Bellofiore & Giovanna Vertova (ed.), The Great Recession and the Contradictions of Contemporary Capitalism, chapter 9, pages 151-164, Edward Elgar Publishing.
    2. Forges Davanzati, Guglielmo & Pacella, Andrea, 2013. "The profits-investments puzzle: A Post Keynesian-Institutional interpretation," Structural Change and Economic Dynamics, Elsevier, vol. 26(C), pages 1-13.

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