Inflation and Income Distribution in Capitalist Crisis

224 Pages·1989·19.497 MB·English

by  J. A. Kregel (eds.)

INFLATION AND INCOME DISTRIBUTION IN
CAPITALIST CRISIS
Also by J. A. Kregel and published by Macmillan
RATE OF PROFIT, DISTRIBUTION AND GROWTH
THE THEORY OF ECONOMIC GROWTH
THEORY OF CAPITAL ,
THE RECONSTRUCTION OF POLITICAL ECONOMY
DISTRIBUTION, EFFECTIVE DEMAND AND INTERNATIONAL
ECONOMIC RELATIONS (editor)
BARRIERS TO FULL EMPLOYMENT (editor with Egon Matzner and
Alessandro Roncaglia)
RECOLLECTIONS OF EMINENT ECONOMISTS , Volumes 1 and 2
(editor)
iii
Inflation and Incoine
Distribution in
Capitalist Crisis
Essays in Memory of
Sidney Weintraub
Edited by
J. A. Kregel
Professor of International Economics
Associate Director of the Bologna Center
The Johns Hopkins University School of Advanced International Studies
M
MACMILLAN
© J. A. Kregel 1989
Softcover reprint of the hardcover 1st edition 1989 978-0-333-41975-5
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First published 1989
Published by
THE MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG21 2XS
and London
Companies and representatives
throughout the world
British Library Cataloguing in Publication Data
Inflation and income distribution in
capitalist crisis: essays in memory
of Sidney Weintraub.
1. Economics
I. Kregel, J. A. II. Weintraub, Sidney,
1914-
330.1 HB171
ISBN 978-1-349-08835-5 ISBN 978-1-349-08833-1 (eBook)
DOI 10.1007/978-1-349-08833-1
To the memory of Sidney Weintraub
Contents
Sidney Weintraub Frontispiece
Notes on the Contributors ix
Editor's Introduction: In Memory of a Jevonian Seditionist 1
1 The Simple Analytics of Aggregate Demand Price and
Aggregate Supply Price Analysis
William Darity Jr 9
2 The Restructuring of the American Economy
Lawrence R. Klein 25
3 A Macroeconomic Perspective on Tax-based Incomes
Policies
Henry C. Wallich and David J. Stockton 47
4 Money Wages in the Keynesian and Monetarist
Explanations of the Transmission Mechanism Linking
Money and Prices
J. A. Kregel 69
5 The Further Theoretical Development of the
Weintraub Aggregate Price Equation
Alfred S. Eichner 83
6 Inflation as a Cause of Economic Stagnation:
A Dual Model
John Cornwall 99
vii
VIII Contents
7 Uncertainty and the Residual Hypothesis
Sergio Parrinello 123
8 Attitudes, Rationality and Consumer Demand
Donald W. Katzner 133
9 The Money Capital Constraint and Decisions in the
Firm
Douglas Vickers 155
10 The Veil of Barter: The Solution to 'The Task of
Obtaining Representations of an Economy in which
Money is Essential
Gunnar Heinsohn and Otto Steiger 175
11 On the Extension of Sraffa's Theory to a Growing
Economy
Fausto Vicarelli 203
Selected Bibliography of Sidney Weintraub's
Academic Work 213
Name Index 217
Subject Index 219
Notes on the Contributors
John Cornwall is Professor of Economics at Dalhousie University,
Canada, and the author of a number of books analysing the growth of
industrialised economies and economic policy including: Growth and
Stability in a Mature Economy, Modern Capitalism- Its Growth and
Transformation, and The Conditions for Economic Recovery.
William Darity Jr is Associate Professor at the University of North
Carolina, Chapel Hill. He has recently edited Labour Economics:
Modern Views and is the author of numerous articles in professional
journals in the areas of development economics, history of economic
thought, macrotheory and the political economy of black America.
Alfred S. Eichner was Professor of Economics at Rutgers, the State
University of New Jersey until his tragic death in February 1988. He
will be remembered for his pathbreaking Megacorp and Oligopoly.
He had recently edited Why Economics is Not Yet A Science, a
collection of his writings entitled Towards A New Economics, and
The Macrodynamics of Advanced Market Economies.
Gunnar Heinsohn is Professor of Sociology at the University
of Bremen. He has published widely in the areas of sociology
of education, ancient history and economics of early monetary
economies. He has recently published Privateigentum Patriarchal
Geldwirtschaft: Eine sozialtheorietsche Rekonstruktion sur Antike.
Donald W. Katzner is Professor of Economics at the University of
Massachusetts, Amherst. His writings include Static Demand Theory
and Analysis without Measurement as well as numerous journal
articles in theory of demand, general equilibrium and the methodo-
logy of scientific measurement. He was Professor of Economics at the
University of Waterloo while Sidney Weintraub was Head of the
Economics Department.
Lawrence R. Klein, Nobel laureate in economics, is Benjamin
Franklin Professor of Economics at the Wharton School of the
University of Pennsylvania.
ix