Profit Squeeze in the Duménil and Lévy Model

Stephen Thompson

Review of Radical Political Economics, 2018, vol. 50, issue 2, 297-316

Abstract: This article looks at the implications of labor-supply limits and endogenous wage growth in the Duménil and Lévy model. A long-run relationship is established between the employment rate and capitalists’ decisions to reinvest profits. Elements of a Marxian approach to macroeconomic policy are sketched. New conditions are derived for being Kaleckian/Keynesian in the short run and classical Marxian in the long run.

Keywords: classical Marxian; Goodwin class struggle model; profit squeeze; reserve army of labor; socialization of investment (search for similar items in EconPapers)
JEL-codes: E11 J21 O11 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:50:y:2018:i:2:p:297-316

DOI: 10.1177/0486613417701265

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