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Full Description
This timely book addresses the critical issues of rising inequality and jobless economic growth. Presenting cutting edge research on income distribution, growth and labor markets in both developed and developing economies, it emphasizes the importance of considering these factors together rather than in isolation.
Chapters are organized into three strongly thematic parts: revisiting theoretical innovations by the Cambridge School, offering new conceptual insights on growth, distribution and employment, and providing empirical analyses using advanced econometric methods. Leading experts discuss the relationship between distribution and growth, exploring key themes such as migration, the employment impact of Covid-19 and prestige clubs. The book further examines policy implications and outlines potential solutions to pressing economic challenges.
Students and scholars of development economics, post-Keynesian economics and political economy will greatly benefit from this innovative book. It is also a crucial resource for practitioners and policymakers in the field of economic development.
Contents
Contents
Introduction to Income Distribution, Economic Growth and
Unemployment 1
João Ricardo Faria, Jorge Thompson Araujo and João Gabriel de
Araujo Oliveira
PART I HISTORY OF ECONOMIC THOUGHT: THE
SIGNIFICANCE OF THE CAMBRIDGE SCHOOL OF
ECONOMICS
1 Joanilio Rodolpho Teixeira: the founder and senior scholar
of the Anglo-Italian-Brazilian school of post-Keynesian
economics 9
Mauro Leo Baranzini and Amalia Mirante
2 Post-Keynesian and post-Kaleckian growth and distribution:
challenges and comparative analysis 60
Joanilio Rodolpho Teixeira
3 An examination of Joan Robinson's simple model: the Kaldor-
Robinson's Cambridge Theorem 79
João Gabriel de Araujo Oliveira and Daniel Soares Fogo
PART II NEW THEORETICAL CONTRIBUTIONS
4 Entrepreneurship and the Cambridge result: Schumpeter
meets Pasinetti 92
João Ricardo Faria
5 Profit rate, Cambridge equation and stability in Kaldor-
Pasinetti models incorporating human capital and endogenous
technological progress in the neoclassical production function 100
Renato Nozaki Sugahara and Joanna Georgios Alexopoulos
6 A theoretical note on the supermultiplier approach in a labor-
constrained economy 127
Jorge Thompson Araujo and João Gabriel de Araujo Oliveira
7 The impact of the informal sector on growth in developing
economies: insights from a Kaleckian framework 138
Henrique Bottura Paiva
8 Stability and Hopf-Bifurcation of a growth model considering
autonomous consumption and employment effects 156
João Gabriel de Araujo Oliveira, Beatriz Estulano Vieira
and Maurilio Boaventura
9 An analytical economic dynamic model considering
unemployment and incorporating the SIR approach 187
João Gabriel de Araujo Oliveira, Geraldo Sandoval Góes
and Joanilio Rodolpho Teixeira
10 Prestige clubs 216
Richard C. Cornes and Emilson C. D. Silva
PART III EMPIRICAL APPLICATIONS
11 Wage share developments: shedding light on Kalecki's theory
of functional income distribution 240
Luiz de Mello and Cyrille Schwellnus
12 A vertically integrated approach to structural decomposition:
an analysis of the Brazilian economy from 2000 to 2018 255
Ricardo Azevedo Araujo, Theo Santini and Rafael de Acypreste
13 Do network and herd effects depend on previous work
experience in the US? A propensity score analysis using
Mexican migration data 283
André Rossi de Oliveira
14 Oil price shocks on economic growth and the stock market:
Evidence from Brazil and the US 300
Andre Varella Mollick and Andre Coelho Vianna