nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2013‒04‒20
four papers chosen by
Karl Petrick
Western New England University

  1. Ingham and Keynes on the Nature of Money By Mark Hayes
  2. Wage-led growth : concepts, theories and policies By Lavoie, Marc; Stockhammer, Engelbert
  3. Why have wage shares fallen? A panel analysis of the determinants of functional income distribution: for the International Labour Organisation (ILO) project "New Perspectives on Wages and Economic Growth" By Stockhammer, Engelbert
  4. Income inequality as a cause of the Great Recession? : A survey of current debates By van Treeck, Till; Sturn, Simon

  1. By: Mark Hayes (University of Cambridge)
    Abstract: This paper compares and contrasts the thinking of Keynes and Geoffrey Ingham, focussing mainly on The General Theory and Ingham’s The Nature of Money (2004). Two points in particular are addressed: first, the relevance of Ingham’s insistence (following Keynes, among others) on the primacy of money of account to an understanding of Keynes’s own insistence that income is intrinsically monetary and upon the importance of the wage unit as an analytical tool; and second, the subtle contrast between Keynes and Ingham in their understandings of the source of interest as a genuinely monetary and not a ‘real’ phenomenon. Where Keynes identifies uncertainty as the source of interest within a methodologically individualistic framework of analysis, Ingham offers a sociological case in terms of the struggle between the debtor and creditor interests that inevitably emerge as a result of the creation of bank money under capitalism. Taking both points together, Ingham’s work not only underpins the crucial distinction between money and ‘real’ wages for the theory of employment but also develops Keynes’s recognition of the potential opposition between the interests of finance and industry.
    Keywords: nature of money – nature of income – theory of interest
    JEL: B22 B31 E01 E42 E43
    Date: 2012–09
  2. By: Lavoie, Marc; Stockhammer, Engelbert
    Keywords: wages, wage policy, economic policy, salaire, politique des salaires, politique économique, salario, política salarial, política económica
    Date: 2012
  3. By: Stockhammer, Engelbert
    Keywords: income distribution, wages, data collecting, methodology, developed countries, developing countries, répartition du revenu, salaire, collecte des données, méthodologie, pays développés, pays en développement, distribución del ingreso, salario, recopilación de datos, metodología, países desarrollados, países en desarrollo
    Date: 2013
  4. By: van Treeck, Till; Sturn, Simon
    Keywords: income distribution, household income, wage differential, economic recession, China, Germany, USA, répartition du revenu, revenu des ménages, disparité des salaires, récession économique, Chine, Allemagne, Etats- Unis, distribución del ingreso, ingreso de los hogares, diferencia del salario, recesión económica, China, Alemania, Estados Unidos
    Date: 2012

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