Abstract
AbstractThis paper contributes to the post‐Keynesian literature by building a macrodynamic Kaleckian model that incorporates recent evidence on market concentration and its relationship with capital accumulation and income distribution using Schumpeterian insights. This is done in two steps. First, we model a two‐dimensional system that sets the dynamics between the wage share and the capital‐effective labor supply ratio. Then, we extend the model, in the second step, to a three‐dimensional system that incorporates the state‐transition function of concentration. Our model suggests that higher market concentration may be associated with a permanent decline in employment, capacity utilization, wage share, and capital accumulation.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
