Cover: Capitalists, Workers, and Fiscal Policy in HARDCOVER

Capitalists, Workers, and Fiscal Policy

A Classical Model of Growth and Distribution

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Product Details

HARDCOVER

$77.50 • £62.95 • €70.00

ISBN 9780674031678

Publication Date: 01/31/2009

Short

320 pages

6-1/8 x 9-1/4 inches

50 line illustrations, 13 tables

World

  • I. From the Short Run to the Long
    • 1. Introduction
      • The classical approach
      • Harrod and modern growth theory
      • Rethinking fiscal surpluses
    • 2. The Nature of the Long Run
      • Effective demand and Say’s Law
        • The paradox of thrift
        • The problem of excess capacity
      • A classical-Kaleckian model
        • Capital-constrained growth
        • Labor-constrained growth
      • An intellectual division of labor
  • II. Long-run Models of Fiscal Policy
    • 3. A Two-Class Model
      • Elements of the growth models
        • Wages and profits
        • Capitalists
        • Workers
      • Endogenous growth
        • Dynamics of capital accumulation
        • Comparative dynamics
      • Exogenous growth
        • Temporary equilibrium
        • Dynamics of wealth distribution
        • Comparative dynamics
      • Intuition and alternative closures
      • Appendix: Dynamic programming
    • 4. Saving and the Class Structure
      • Critical values of the discount factor
      • Saving
        • Saving motives
        • Saving propensities
        • The institutional structure of saving
      • The distribution of wealth
      • On class analysis
    • 5. Debt and Endogenous Growth
      • Public debt in a growth model
        • Government
        • On the government budget constraint
        • Capitalists with infinite horizon
        • Capitalists with finite horizons
        • Workers
      • Infinite horizon case
        • Temporary equilibrium
        • Steady state
        • Comparative dynamics
        • Transitional dynamics and class structure
      • Finite horizon case
        • Temporary equilibrium
        • Steady state
        • Comparative dynamics
        • Transitional dynamics and class structure
      • Model comparison
      • Appendix: Elements of A and B matrices
    • 6. Debt and Exogenous Growth
      • Infinite horizon case
        • Temporary equilibrium
        • Steady state
        • Comparative dynamics
        • Transitional dynamics and fiscal policy
        • Welfare effect of demographic shock
      • Finite horizon case
        • Temporary equilibrium
        • Steady state
        • Comparative dynamics
        • Transitional dynamics and fiscal policy
      • Model comparison
      • U.S. fiscal policy
    • 7. Pensions and Endogenous Growth
      • Elements of a public pension system
        • Government
        • Workers
        • Money’s worth and funding systems
      • Endogenous growth with a public pension
        • Steady state
        • Dynamics
        • Conditions for two-class regime
      • Policy issues
        • Policy design
        • Policy reform
    • 8. Pensions and Exogenous Growth
      • Preliminary issues
      • Exogenous growth with a public pension
        • Temporary equilibrium
        • Steady state
        • Comparative dynamics
      • Transitional dynamics and expectations
        • Stable expectations
        • Adaptive expectations
        • Perfect foresight
      • Demographic shocks
        • PAYGO case
        • Funded case
        • Transitional dynamics
        • The old-age crisis
      • Policy issues
        • Policy design
        • Policy reform
    • 9. Optimal Policy
      • Natural rate of growth
        • One-class regime
        • Two-class regime
      • Optimal public pension
        • One-class case
        • Policy dilemmas in the two-class model
        • Conclusion
  • III. Technical Change and the Production Function
    • 10. Fossil Production Function: Theory
      • Theory of production
        • Biased technical change
        • Fossil production function
        • Viable technical changes
      • Biased technical change and growth
        • Endogenous growth
        • Exogenous growth
        • Total factor productivity?
      • Appendix: Control theory
    • 11. Fossil Production Function: Evidence
      • The aggregate data
        • Adjustments
        • Technical change
        • Profit share
        • Viability: a first pass
      • The wage-profit curves
        • Cross sectional data
        • Pooled data
        • Country studies
      • Conclusion
  • IV. Summary
    • 12. Fiscal Policy Reconsidered
      • The burden of public debt
      • Pensions and the nation as rentier
      • The production function
      • A final admonition
  • Author Index
  • Subject Index

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