30,209 research outputs found
At the heart of the matter: household debt in contemporary banking and the international crisis
Demand, Production, and the Determinants of Distribution: A Caveat on "Wage-Led Growth"
The incomes of workers and capitalists pertain to different moments of accumulation. Wages are shares of capital outlays sustaining production; profits are shares of commodity sales. If aggregate demand and the scale of productive undertakings are shaped with a measure of mutual autonomy, the class distribution of income and the measure of economic activity are jointly determined by the same processes. In those settings âwage-led growthâ has neither analytical nor policy purchase as associations between wage shares and levels of output (or growth) are confounded consequences of distinct effects on each measure of broader developments in the economy. A more appropriate dichotomy is that between âinvestment-ledâ and âconsumption-ledâ growth, with the former resulting in comparatively higher wage shares. After advancing and illustrating these points, this paper motivates its approach to class income flows and the role of demand--which draw on the Circuit of Capital--in relation to the equivalent Kaleckian approaches sustaining arguments for âwage-led growthâ
Credit, Profitability and Instability: A Strictly Structural Approach
This paper offers a purely structural characterisation of the content, limits and contradictions of credit relations in capitalist accumulation. Considering steady-state evolutions and step-change perturbations in a dynamic model of the Marxian circuit of capital, it establishes that sustained paces of net credit extension may boost aggregate profitability, the rate of accumulation, and the aggregate financial robustness of capitalist enterprises. These gains are limited by the economyâs dynamic productive capacities, and tempered by the risks of credit and monetary disruptions created payment obligations established by credit. Economies with higher paces of net credit extension are shown to be more vulnerable to the disruptions to accumulation variously emphasised by Marxian, Keynesian and Post-Keynesian contributions.
Searching for a dark matter coupling to the Standard Model with a Stueckelberg extension
We investigate a double extension to the Standard Model (SM). A first
extension introduces, via minimal coupling, a massive boson. This enlarged
SM is coupled to a dark matter sector through the Stueckelberg mechanism by a
boson. However, the boson does not interact directly with the SM
fermions. In our study, we found that the is a massless photon-like
particle in dark sector. Constraints on the mass for and corrections to
mass are obtained.Comment: Presented at IWARA 2011. "Fifth International Workshop on Astronomy
and Relativistic Astrophysics" Jo\~ao Pessoa, Brazil, October 9 to 12, 201
Massive "spin-2" theories in arbitrary dimensions
Here we show that in arbitrary dimensions there are two families of
second order Lagrangians describing massive "spin-2" particles via a
nonsymmetric rank-2 tensor. They differ from the usual Fierz-Pauli theory in
general. At zero mass one of the families is Weyl invariant. Such massless
theory has no particle content in and gives rise, via master action, to a
dual higher order (in derivatives) description of massive spin-2 particles in
where both the second and the fourth order terms are Weyl invariant,
contrary to the linearized New Massive Gravity. However, only the fourth order
term is invariant under arbitrary antisymmetric shifts. Consequently, the
antisymmetric part of the tensor propagates at large momentum as
instead of . So, the same kind of obstacle for the
renormalizability of the New Massive Gravity reappears in this nonsymmetric
higher order description of massive spin-2 particles.Comment: 11 pages, 0 figure
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