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Income distribution, rentiers and their role in a capitalist economy: A Keynes-Pasinetti perspective


  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

  • Mario Seccareccia

    (University of Ottawa [Ottawa])


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

  • Marc Lavoie & Mario Seccareccia, 2016. "Income distribution, rentiers and their role in a capitalist economy: A Keynes-Pasinetti perspective," Post-Print hal-01435727, HAL.
  • Handle: RePEc:hal:journl:hal-01435727
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    References listed on IDEAS

    1. Olivier Allain, 2015. "Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component," Cambridge Journal of Economics, Oxford University Press, vol. 39(5), pages 1351-1371.
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    10. Olivier Allain, 2013. "Tackling the instability of growth: A Kaleckian model with autonomous demand expenditures," Documents de travail du Centre d'Economie de la Sorbonne 13026, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    11. Sergio Cesaratto, 2015. "Neo-Kaleckian and Sraffian Controversies on the Theory of Accumulation," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 154-182, April.
    12. Blecker, Robert A, 1989. "International Competition, Income Distribution and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 395-412, September.
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    14. Pierangelo Garegnani, 2015. "The Problem of Effective Demand in Italian Economic Development: On the Factors that Determine the Volume of Investment," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 111-133, April.
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