Profits, Wages and Productivity in the Business Cycle, Softcover reprint of the original 1st ed. 1997
A Kaldorian Analysis

The purpose of this book is to explain the changes in specific macroeconomic variables such as the relative share of labour, the profit rate and the real wage rate in advanced capitalist economies, in relation to the influence of the business cycle in income distribution. To explain these changes the author examines three types of theory - Kaldorian theory, the Real Business Cycle theory, and the new Keynesian theory - with a specific focus on Kaldor's approach.

1. Introduction.- 2. Some Facts About the Typical Business Cycle.- Some Facts in General.- Comparative Methods.- Results in Detail.- Factors Conditioning Interpretations.- Stylized Facts and Some Explanations of These Facts.- Appendix 2A: Methods of Imputation and Their Validity.- Appendix 2B: Data.- Appendix 2C: Tables.- 3. Kaldor’s Model.- Kaldor’s Model.- Interpretation.- Comments.- Historical Constancies.- Conclusions: Some Remarks on Kaldor’s Model.- Appendix 3A: A Neoclassical Model of Income Distribution — In Comparison with Kaldor’s Model.- 4. Kaldorian Models: Two Applied Models.- Model A: An Employment Decision Approach.- Model B: A Markup Pricing Approach.- Conclusions: Some Remarks on Models A and B.- Appendix 4A: Model A: On Solution.- Appendix 4B: Equations for Comparative Statics.- Appendix 4C: A Model (1976).- Appendix 4D: Model B: On Solution.- Appendix 4E: The First Partial Derivative and Growth-Rate Equations.- 5. Other Models.- The Real Business Cycle Theory.- The New Keynesian Theory.- Conclusions: Some Remarks on Each Theory.- 6. Conclusions 133.- Summary.- Methodological Research Agenda.- Determinants of Investment.- Government Policy and International Trade.- Test of the Models and Model Calibration.- Questions Remaining for the Future.- References.