Price competition, inter-firms relationships, bank discrimination and wage inequalities: a post keynesian perspective by Jordan Melmiès, Thomas Dallery

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Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits by Thomas Dallery

“…The macroeconomic realisation of profits being determined by capitalists’ spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others things being equal.After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders’ profitability claims at the expense of managers and capital accumulation, financial (indebtedness) and real (capacity utilisation) security, and also of workers (real wage).After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones), we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model) where conflict impacts distribution (conflict inflation) and accumulation (growth/profit trade-off). …”
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