This book investigates the relationship between wages, profits, values and labour employment from a classical-Keynesian perspective. The starting point of this approach is classical political economy (in particular, Smith, Ricardo and Marx), suitably reformulated in modern terms by Sraffa and then integrated with the Keynesian theory of employment. Such an approach proves to be more appropriate in understanding the complexities of current economies and in identifying the instruments to pursue the final goal of economic systems: putting each person in a position to earn what is necessary to live with dignity. The approach undertaken by these chapters is in contrast to the ‘marginalist’ or ‘neoclassical’ school, which constitutes the mainstream of economic analysis. Especially in recent decades, several critical analyses of the present state of economic research have emerged due to the failure of contemporary economic analysis to acutely penetrate and guide the workings of actual economic systems. But these analyses have not always been effectively presented in a coordinated manner. This work presents one possible unifying framework—grounded in a solid tradition of economic thought—which aims to describe the basic forces operating in capitalistic economies and to identify the main objectives to pursue in production economies in order to fully exploit their potential. Most importantly, the focus of such classical-Keyensian analysis concerns the production of goods and services, and this book shows how several factors typical of contemporary (post-)industrial societies thus can be understood in a way that the standard economic theory has not been able to explicate (due to the reduction of everything to a question of exchange). The book provides key reading for those on master level economics courses. Moreover, it constitutes a solid introduction to modern classical-Keynesian analysis. It may also be of interest to readers who are keen to develop a critical view of economics, political economy and history of economic thought.

"This book investigates the relationship between wages, profits, values and labour employment from a classical-Keynesian perspective. The starting point of this approach is classical political economy (in particular, Smith, Ricardo and Marx), suitably reformulated in modern terms by Sraffa, and then integrated with the Keynesian theory of employment. Such an approach proves to be more appropriate in understanding the complexities of current economies, and in identifying the instruments to pursue the final goal of economic systems: putting each person in a position to earn what is necessary to live with dignity. The approach undertaken by these chapters is in contrast to the 'marginalist' or 'neoclassical' school, which constitutes the mainstream of economic analysis. Especially in recent decades, several critical analyses of the present state of economic research have emerged due to the failure of contemporary economic analysis to acutely penetrate and guide the workings of actual economic systems. But these analyses have not always been effectively presented in a coordinated manner. This work presents one possible unifying framework - grounded in a solid tradition of economic thought - which aims to describe the basic forces operating in capitalistic economies and to identify the main objectives to pursue in production economies in order to fully exploit their potential. Most importantly, the focus of such classical-Keyensian analysis concerns the production of goods and services, and this book shows how several factors typical of contemporary (post-)industrial societies thus can be understood in a way that the standard economic theory has not been able to explicate (due to the reduction of everything to a question of exchange). The book provides key reading for those on master level economics courses. Moreover, it constitutes a solid introduction to modern classical-Keynesian analysis. It may also be of interest to readers who are keen to develop a critical view of economics, political economy and history of economic thought. Enrico Bellino is Full Professor of Political Economy at the Università Cattolica del Sacro Cuore, Piacenza, Italy"--

In Capital Accumulation and Income Distribution, economist Donald J. Harris offers a profound analysis of the forces shaping economic growth, capital accumulation, and income inequality within capitalist economies. Blending insights from Marxian and Keynesian economics, this pioneering work delves into the intricate relationships between investment, labor, and wealth distribution, highlighting the structural contradictions inherent in capitalist systems. Harris examines the driving factors behind capital accumulation and their implications for economic development, while providing a critical view of how profits, wages, and rents are distributed across social classes. Through a synthesis of classical economic theories, he explores the long-term dynamics of inequality and the cyclical patterns of capitalist economies. Ideal for scholars, students, and anyone interested in political economy, Capital Accumulation and Income Distribution offers a groundbreaking perspective on the economic challenges and imbalances that continue to shape our world today.

"The paper presents a nontechnical summary of the current state of debate on the measurement and implications of global inequality (inequality between citizens of the world). It discusses the relationship between globalization and global inequality. And it shows why global inequality matters and proposes a scheme for global redistribution. "--World Bank web site.

This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

Deals with income distribution methods and their economic applications.