Considering ideas from various economic paradigms, namely post-Keynesian, neo-Ricardian, and neo-Marxian, this book discusses the importance of money to Keynes's analysis of effective demand and income distribution. It also considers the connections between relative prices and income distribution.

First published in 1988. Most of the articles reprinted in this collection were based on material developed for the author’s students in order to assist them in understanding the theories of Michal Kalecki, John Maynard Keynes and Joan Robinson. Each article is self-contained, but together the articles provide an introduction to the important contributions of these three economists that also makes clear the interrelations between their theories. The treatment of their theories in these articles is sympathetic, but not uncritical.

Mainstream neoclassical economics tells us that money is essentially a commodity, has no other social meanings or consequences, and (therefore) exists only as a medium of exchange to lubricate/facilitate barter. This book takes the view that money is definitively a social relation between private persons or legal persons. As such, it is one of

Growth, Distribution, and Effective Demand presents original essays on a variety of topics in theoretical and applied economics. The book honors the work of Edward J. Nell and develops interconnected themes that run through the modern Post-Keynesian tradition. The first part deals with the fundamental idea that economic growth is demand-driven, with special attention to policy ramifications. The second theme concerns the connection between economic growth and the structural characteristics of a market economy. These issues are closely linked to a critical tradition that calls into question key elements in orthodox economics. The final part of the book aims to buttress non-orthodox approaches to growth and distribution by critiquing particular aspects of the conventional theory, by elaborating neglected themes in non-orthodox theory, or by exploring some overlooked methodological ideas.

Economic Growth and Distribution isolates and compares the logical structures and methodological underpinnings underlying the relationship between economic growth and distribution. It carries out an in-depth analysis of a wide range of issues connected with growth theory considered from different theoretical perspectives. Its uniqueness is derived from the original contributions by a number of scholars of different persuasions; some within the mainstream and others from Keynesian-Kaleckian-Sraffian positions. The book deals with a wide variety of research topics concerning economic growth and distribution, such as the transition from the epoch of Malthusian stagnation to the contemporary era of modern economic growth; comparisons among the classical tradition, modern theory, and heterodox models; problems of policy; dynamics and business cycles; the role on institutions.

This paper extends recent works on the relationship between the distribution of income and growth in demand-constrained industrial economies in a two-sector framework incorporating the industry-agriculture demand linkages typical of many LDCs. It argues that the issue of income distribution between the capitalists and the workers becomes also an issue of income distribution between the industrial capitalists and the landlords. A change in income distribution in favor of the workers, the class of non-savers, will benefit the landlords class, which sells food to the workers. The redistribution toward wages can potentially be contractionary if the landlords have a sufficiently high saving rate.

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis.