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 “wage-led growth” 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 “investment-led” and “consumption-led” 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 “wage-led growth”

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 economy’s 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 $Z'$ boson. This enlarged SM is coupled to a dark matter sector through the Stueckelberg mechanism by a $A'$ boson. However, the $A'$ boson does not interact directly with the SM fermions. In our study, we found that the $A'$ is a massless photon-like particle in dark sector. Constraints on the mass for $Z'$ and corrections to $Z$ 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 D≥3D \ge 3 dimensions

Here we show that in arbitrary dimensions $D\ge 3$ 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 $D=3$ and gives rise, via master action, to a dual higher order (in derivatives) description of massive spin-2 particles in $D=3$ 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 $e_{[\mu\nu]}$ propagates at large momentum as $1/p^2$ instead of $1/p^4$. 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