Hardback
Income Distribution, Growth and Unemployment
A Complex Dynamic Approach
9781802206005 Edward Elgar Publishing
Piero Ferri expertly broadens the analysis of the canonical growth cycle approach by presenting a Minsky–Harrod model, examining how the relationship between income distribution, growth and unemployment becomes increasingly complex. Exploring this new technique to generate a process of growth, based not only on history but disequilibrium, he investigates the current income distribution debate further and the challenges it faces.
More Information
Critical Acclaim
Contents
More Information
Piero Ferri expertly broadens the analysis of the canonical growth cycle approach by presenting a Minsky–Harrod model, examining how the relationship between income distribution, growth and unemployment becomes increasingly complex. Exploring this new technique to generate a process of growth, based not only on history but disequilibrium, he investigates the current income distribution debate further and the challenges it faces.
Written in a succinct yet comprehensive style, Piero Ferri begins by addressing the basic principles, followed by an in-depth look at growth cycle models and how the Minsky–Harrod integrated model would help to unravel the current complexities. The empirical analysis reaches insightful conclusions by justifying the existence of a variety of results and by studying the distributive loop in a dynamic context which is prone to instability.
Teachers of macroeconomics and scholars will find this an invaluable read and will benefit from the practical study and results. Researchers interested in labour economics and political economy will also find this a thought-provoking book.
Written in a succinct yet comprehensive style, Piero Ferri begins by addressing the basic principles, followed by an in-depth look at growth cycle models and how the Minsky–Harrod integrated model would help to unravel the current complexities. The empirical analysis reaches insightful conclusions by justifying the existence of a variety of results and by studying the distributive loop in a dynamic context which is prone to instability.
Teachers of macroeconomics and scholars will find this an invaluable read and will benefit from the practical study and results. Researchers interested in labour economics and political economy will also find this a thought-provoking book.
Critical Acclaim
‘In this book, Professor Ferri extends his formidable research on macroeconomic dynamics into a broad analysis of how income distribution affects aggregate outcomes. He develops creative insights to both synthesize a wide range of existing research and break new ground.’
– Steven Fazzari, Washington University in St. Louis, US
‘Piero Ferri thinks big, focusing on the nexus of income distribution, growth and unemployment that has been at the centre of economic thinking since the inception of the discipline. Ferri makes Harrod, Kaldor and Goodwin meet Minsky in an original and penetrating synthesis. The aggregate macroeconomic setting he brilliantly masters throughout the book generates a wide range of dynamic outcomes and provides invaluable insights especially for macroeconomists exploring the economy as a complex evolving system.’
– Domenico Delli Gatti, Catholic University in Milan, Italy
– Steven Fazzari, Washington University in St. Louis, US
‘Piero Ferri thinks big, focusing on the nexus of income distribution, growth and unemployment that has been at the centre of economic thinking since the inception of the discipline. Ferri makes Harrod, Kaldor and Goodwin meet Minsky in an original and penetrating synthesis. The aggregate macroeconomic setting he brilliantly masters throughout the book generates a wide range of dynamic outcomes and provides invaluable insights especially for macroeconomists exploring the economy as a complex evolving system.’
– Domenico Delli Gatti, Catholic University in Milan, Italy
Contents
Contents: Preface 1. Introduction to Income Distribution, Growth and Unemployment PART I THE BASICS 2. The lexicon of short-run static analysis 3. The political economy of income distribution 4. Elementary tools for dynamics PART II INCOME DISTRIBUTION IN GROWTH CYCLE MODELS 5. The Goodwin classical approach 6. The Kaleckian‒post-Keynesian (KPK) models 7. Financial aspects: a Minskyan perspective 8. Harrod and instability PART III A GENERALIZED MODEL 9. A workhorse model 10. Growth and unemployment 11. Technological change, income distribution and unemployment 12. The wage‒price spiral in an integrated model PART IV TOWARDS COMPLEX DYNAMICS 13. A meta-model of income distribution 14. Income distribution, inequality and debt 15. The financial instability hypothesis, income distribution and complex dynamics PART V CONCLUDING REMARKS 16 Final considerations References Index
