Income Inequality and Crisis Theories

Yıl 2021, Cilt: 16 Sayı: 3, 873 - 899, 01.12.2021

Yunus Savaş , Senem Çakmak Şahin

https://doi.org/10.17153/oguiibf.962379

Cited By: 1

Öz

This paper aims to review the relationship between crisis theories in Mainstream economics, Post-Keynesian economics, Marxian economics and income inequality, especially within the context of great recession. Emergence of the great recession and its devastating effects, not only on financial sectors likewise on real economy brought discussions of origin of crises back in fashion. Inequality was accepted as an important factor contributing to great recession and it is brought to the fore in crisis theories due to sharply increased income inequality before the great recession even though there is disagreement amongst different schools of thought on causes of crisis.

Anahtar Kelimeler

Income ınequality, Crisis Theories, Great Recession

Gelir Eşitsizliği ve Kriz Teorileri

Öz

Bu makale, özellikle 2007-2008 büyük durgunluk dönemi bağlamında, gelir eşitsizliği ve Ana akım iktisat, Post-Keynesyen iktisat ve Marksist iktisattaki kriz teorileri arasındaki ilişkiyi gözden geçirmeyi amaçlamaktadır. Büyük durgunluğun ortaya çıkışı ve sadece finansal sektör değil, aynı zamanda reel ekonomi üzerindeki yıkıcı etkileri, krizlerin kökeni tartışmalarını yeniden moda haline getirmiştir. Eşitsizlik, büyük durgunluğa katkıda bulunan önemli bir faktör olarak kabul edilmiş ve krizin nedenleri konusunda farklı düşünce okulları arasında anlaşmazlık olsa da, büyük durgunluktan önce keskin bir şekilde artan gelir eşitsizliği nedeniyle kriz teorilerinde ön plana çıkmıştır.

Anahtar Kelimeler

gelir eşitsizliği, kriz teorileri, büyük durgunluk

Kaynakça

• Alvaredo , F., Chancel , L., Piketty , T., Saez , E., & Zucman , G. (2017). The Elephant Curve of Global Inequality and Growth. WID.world Working Paper Series 2017/20.
• Arestis, P. (1996). Post-Keynesian Economics: Towards Coherence. Cambridge Journal of Economics, 20(1), 111-135.
• Atkinson , A. B., & Morelli, S. (2011). Economic Crises and Inequality. UNDP-HDRO Occasional Papers.
• Atkinson, A. B., Piketty, T., & Saez, E. (2011). Top Incomes in the Long Run of History. Journal of Economic Literature, 49(1), 3-71.
• Bakir, E., & Campbell, A. (2006). The Effect of Neoliberalism on the Fall in the Rate of Profit in Business Cycles. Review of Radical Political Economics, 38(3), 365-373.
• Bakir, E., & Campbell, A. (2009). The Bush Business Cycle Profit Rate: Support in a Theoretical Debate and Implications for the Future. Review of Radical Political Economics, 41(3), 335-342.
• Bakir, E., & Campbell, A. (2017). “Business Cycles: Short-Term Dynamics. In D. Brennan, D. Kristjanson Gural, C. Mulder, & E. Olsen, Routledge Handbook in Marxian Economics (pp. 234-244). New York: Routledge.
• Baran, P. A., & Sweezy, P. (1966). Monopoly Capital. New York: NYU Press.
• Bellofiore, R., & Passarella, M. (2010). Minsky, the Monetary Circuit and the Current Crisis: A SFC Monetary Accounting Framework. ‘Can It Happen Again? Sustainable Policies to Mitigate and Prevent Financial Crises’ conference. University of Macerata.
• Bernanke, B. S. (2005). The Global Saving Glut and the US Current Account Deficit . The Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, 10 March.
• Bezemer, D. J. (2009). No One Saw This Coming. Groningen, The Netherlands: Understanding Financial Crisis through Accounting Models. Faculty of Economics University of Groningen.
• Bibow, J. (2008). The International Monetary (Non-) Order and The Global Capital Flows Paradox. Working Paper No. 531, Levy Economics Institute of Bard College.
• BIS. (2006). 76th Annual Report. Basel: Bank for International Settlements .
• Blanchard , O. J. (2008 ). The State of Macro . Massachusetts Avenue Cambridge: NBER Working Paper No. 14259 .
• Bowles, S., & Boyer, R. (1995). ). Wages, Aggregate Demand, and Employment in an Open Economy. In G. A. Epstein , & H. M. Gintis , Macroeconomic Policy After the Conservative Era. Cambridge, UK: Cambridge University Press.
• Bowles, S., Gordon, D. M., & Weisskopf, T. (1984). Beyond the Waste Land: A Democratic Alternative to Economic Decline. New York: Doubleday.
• Burgess, S., Burrows, O., Godin, A., Kinsella, S., & Millard, S. (2016). A Dynamic Model of Financial Balances for the United Kingdom. London: Bank of England: Bank of England Staff Working Paper No. 614.
• Caballero, R. J. (2006). On the Macroeconomics of Asset Shortages. NBER Working Paper No. 12753.
• Carchedi , G., & Roberts , M. (2018). The Long Roots of The Present Crisis: Keynesians, Austerians, and Marx’s Law. In G. Carchedi , & M. Roberts , World in Crisis A Global Analysis of Marx’s Law of Profitability. Chicago, Illinouis: Haymarket Books.
• Caverzasi, E., & Godin, A. (2015). Post-Keynesian Stock-Flow-Consistent Modelling: A Survey. Cambridge Journal of Economics, 39(1), 157–187.
• Charpe , M., Flaschel , P., & Proano , C. R. (2012). Income Distribution, Credit Rationing and Households’ Debt. Metroeconomica, 63(3), 458–492.
• Charpe , M., Flaschel, P., Proano , C. R., & Semmler, W. (2009). Over-Consumption, Credit Rationing and Bailout Monetary Policy: A Minskyan Perspective. European Journal of Economics and Economic Policies: Intervention, 247-270.
• Clarke, S. (1994). Marx’s Theory of Crisis. Basingstoke: Macmillan Press.
• Corsetti, G., Pesenti, P., & Roubini, N. (1999). Paper Tigers? : A Model of the Asian Crisis. European Economic Review, 43(7), 1211-1236.
• Dafermos, Y. (2015). Debt Cycles, Instability and Fiscal Rules: A Godley-Minsky Model. Bristol: University of the West of England: University of the West of England, Economics Working Paper Series 1509.
• Dallery, T., & van Treeck, T. (2011). Conflicting Claims and Equilibrium Adjustment Processes in A Stock-Flow Consistent Macroeconomic Model. Review of Political Economy, 23(2), 189–211.
• Detzer, D. (2018). Inequality, Emulation and Debt: The Occurrence of Different Growth Regimes in The Age of Financialization in A Stock-Flow Consistent Model. Journal of Post Keynesian Economics, 41(2), 284-315.
• Dornbusch, R. W. (2001). A Primer on Emerging Market Crises. NBER Working Paper w8326.
• Dos Santos, C. H., & Zezza, G. (2008). A Simplified, Benchmark, Stock-Flow Consistent Post keynesian Growth Model. Metroeconomica, 59(3), 441–478.
• Dos Santos, C., & Macedo e Silva, A. C. (2009). Revisiting (and Connecting) Marglin–Bhaduri and Minsky: An SFC Look at Financialization and Profit-led Growth. Working Paper no. 567, Levy Economics Institute of Bard College.
• Driver, C., & Muñoz-Bugarín , J. (2010). Capital investment and unemployment in Europe: Neutrality or not? Journal of Macroeconomics, 32(1), 492-496.
• Duménil, G., Glick, M., & Rangel, J. (1987). The Rate of Profit in The United States. Cambridge Journal of Economics, 11(4), 331-359.
• Dymski, G. A. (2010). Why the Subprime Crisis is Different: A Minskyian Approach. Cambridge Journal of Economics, 34(2), 239–255.
• Earl, P. E., & Peng, T.-C. (2013). Economics Fit for the Queen: Barriers and Opportunities. In S. L. Frederic , & M. Lavoie, In Defense of Post-Keynesian and Heterodox Economics: Response to their Critics (pp. 172–201). London: Routledge.
• Eccles, M. (1951). Beckoning Frontiers: Public and Personal Recollections. New York: Alfred A. Knopf.
• Economic Policy Institute. (2021, 04 04). Retrieved from The Productivity-Pay Gap: https://www.epi.org/productivity-pay-gap/ Epstein, G. (2005). Financialization and the World Economy. Cheltenham: Edward Elgar.
• Fama, E. F. (1970). Efficient Capital Markets: A Review and Empirical Work. Journal of Finance, 25(2), 383-417. Foster, J. B. (2006). Monopoly-Finance Capital. Monthly Review, 58(7).
• Foster, J. B. (2007). The Financialization of Capitalism. Monthly Review, 58(11).
• Foster, J. B. (2008). The Financialization of Capital and the Crisis. Monthly Review, 59(11).
• Foster, J. B. (2010). Listen Keynesians, It’s the System! Response to Palley. Monthly Review, 61(11).
• Foster, J. B., & Magdoff, F. (2009). The Great Financial Crisis: Causes and Consequences. New York: NYU Press.
• Galbraith, J. K. (2009 (1954)). The Great Crash of 1929. Boston, New York: Mariner Books.
• Glyn, A., & Sutcliffe, B. (1972). British Capitalism, Workers and the Profit Squeeze. Harmondsworth: Penguin.
• Godley, W. (1996). Money, Finance, and National Income Determination. Working Paper no. 167, Levy Economics Institute of Bard College.
• Godley, W. (1999). Seven Unsustainable Processes: Medium-Term Prospects and Policies for The United States and The World. Strategic Analysis, Levy Economics Institute of Bard College.
• Godley, W. (2001). The Developing Recession in the United States. Banca Nazionale del Lavoro Quarterly Review, 54(219), 417–425.
• Godley, W., & Cripps, F. (1983). Macroeconomics. New York: Oxford University Press.
• Godley, W., & Izurieta , A. (2004). The Us Economy: Weaknesses of the ‘Strong’ Recovery. Banca Nazionale del Lavoro Quarterly Review, 57(229), 131–139.
• Godley, W., & Izurieta, A. (2002). The Case for a Severe Recession. Challenge, 45(2), 27–51.
• Godley, W., & Lavoie, M. (2007). Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. New York: Palgrave Macmillan.
• Godley, W., & McCarthy, G. (1998). Fiscal Policy Will Matter. Challenge, 41(1), 38–54.
• Godley, W., & Wray, L. R. (2000). Is Goldilocks Doomed? Journal of Economic Issues, 34(1), 201–206.
• Godley, W., & Zezza, G. (1989). A Simple Real Stock-flow Model Illustrated with the Danish Economy. Working Paper no. 8901, Department of Applied Economics, University of Cambridge.
• Godley, W., Izurieta, A., Gray , P. G., & Dilyard, J. R. (2005). Strategic Prospects and Policies for the U.S. Economy. In H. P. Gray , & J. R. Dilyard, Globalization and Economic and Financial Instability (pp. 431–59). Cheltenham, U.K: Edward Elgar Publishing.
• Hausmann, R., & Sturzenegger, F. (2005). Dark Matter Makes the US Deficit Disappear. Financial Times, 7 December.
• Hein, E. (2011). Distribution, `Financialisation' and the Financial and Economic Crisis: Implications for Post-crisis Economic Policies. IPE Working Papers 09/2011, Berlin School of Economics and Law. Institute for International Political Economy (IPE).
• Hein, E. (2012). Finance-Dominated Capitalism, Re-Distribution, Household Debt and Financial Fragility in A Kaleckian Distribution and Growth Model. PSL Quarterly Review, 65(260), 11-51.
• Hein, E., & Dodig, N. (2014). Financialisation, Distribution, Growth and Crises: Long-Run Tendencies. Berlin: Working Paper, No. 35/2014, Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE).
• Henley, A. (1987). Labour’s Shares and Profitability Crisis in the US: Recent Experience and Post-War Trends. Cambridge Journal of Economics, 11(4), 315-330.
• Hutchinson, J., & Persyn, D. (2012). Globalisation, Concentration and Footloose Firms: In Search of the Main Cause of the Declining Labour Share. Review of World Economics, 148(1), 17-43.
• ILO. (2008). World of Work Report 2008: Income inequalities in the age of financial globalization. Geneva: International Institute for Labour Studies.
• ILO. (2012). Wages and equitable growth.Global Wage Report 2012/13. Geneva: International Labour Office .
• ILO. (2014). Wages and income inequality.Global wage report 2014/15. Geneva: International Labour Organisation .
• ILO. (2015). Income Inequality and Labour Income Share in G20 Countries: Trends, Impacts and Causes. Geneva: International Labour Organisation.
• IMF. (2007). The globalization of labor. In World Economic Outlook : Spillovers and cycles in the world economy (pp. 161–192). Washington, DC.
• Isaac , A. G., & Kim , Y. K. (2013). Consumer and Corporate Debt: A Neo-Kaleckian Synthesis. Metroeconomica, 64(2), 244–271.
• Izquierdo, S. (2013). The Cyclical Decline of the Profit Rate as the Cause of Crises in the United States (1947-2011). Review of Radical Political Economics, 45(4), 463-471.
• Kaldor, N. (1982). The Scourge of Monetarism. London: Oxford University Press.
• Kaletsky, A. (2008). It’s an emergency. Long-term cures must wait. The Times, November 13, 2008.
• Kaminsky, G., & Reinhart, C. (1999). The Twin Crises: The Causes of Banking And Balance of-Payments Problems. American Economic Review, 89(3), 473–500.
• Kapeller , J., & Schütz , B. (2014). Debt, Boom, Bust: A Theory Of Minsky-Veblen Cycles. Journal of Post Keynesian Economics, 36(4), 781-814.
• Karabarbounis , L., & Neiman , B. (2013). The Global Decline of the Labor Share. Working Paper 19136: National Bureau of Economic Research.
• Kinsella, S., & Gnanonobodom , T.-T. (2012). Towards a Stock Flow Consistent Model for Ireland. Unpublished manuscript.
• Kinsella, S., Greiff, M., & Nell, E. J. (2011). Income Distribution in a Stock Flow Consistent Model with Education and Technological Change. Eastern Economic Journal, 37(1), 134–149.
• Kose, M. A., Prasad, E., Rogoff, K., & Wei, S. (2006). Financial Globalization: A Reappraisal. IMF Working Paper WP/06/189 .
• Krugman, P. (1979). A Model of Balance-Of-Payments Crises. Journal of Money, Credit And Banking, 11(3), 311-325.
• Krugman, P. (1999). Balance Sheets, The Transfer Problem, and Financial Crises. In P. Isard, A. Razin , & A. K. Rose , International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr. Norwell, Massachusetts: Kluwer Academic Publishers.
• Kumhof , M., & Rancière, R. (2010). Inequality, Leverage and Crises. WP/10/268. International Monetary Fund .
• Kumhof, M., Lebarz, C., Rancière, R., Richter, A. W., & Throckmorton, N. A. (2012). Income Inequality and Current Account Imbalances. IMF Working Paper No. 12/08.
• Lago, L., Duttagupta, R., & Goyal, R. (2009). The Debate on The International Monetary System. Strategy, Policy, and Review Department, International Monetary Fund.
• Lapavitsas, C. (2011). Theorizing Financialization. Work, Employment and Society, 25(4), 611–626.
• Lavoie, M. (2014). Post- Keynesian Economics: New Foundations . Cheltenham: Edward Elgar Publishing.
• Le Heron, E. (2011). Confidence and Financial Crisis in A Post-Keynesian Stock-Flow Consistent Model. European Journal of Economics and Economic Policies, 8(2), 361–388.
• Le Heron, E. (2012). Financial Crisis, State of Confidence and Economic Policies in A Post keynesian Stock-Flow Consistent Model. In L. P. Rochon, & S. Olawoye, Monetary Policy and Central Banking: New Directions in Post-Keynesian Theory (pp. 83–111). Cheltenham, UK: Edward Elgar Publishing.
• Le Heron, E. (2013). Confidence, Increasing Risks and Crisis in A Post Kaleckian Stock-Flow Consistent Model,. In R. Bellofiore, E. Karwowska, & J. Toporowski, Economic Crisis and Political Economy (pp. 118–147). Basingstoke: Palgrave Macmillan.
• Lucas, R. E. (2003). Macroeconomic Priorities. American Economic Review, 93(1), 1-14.
• Luxemburg, R. (1971). Social Reform or Revolution. In D. Howard, Selected Political Writings Rosa Luxemburg. New York and London: Monthly Review Press.
• Magdoff, F., & Yates, M. D. (2009). The ABCs of the Economic Crisis: What Working People Need to Know. New York: Monthly Review Press .
• Maito, E. E. (2014). The Historical Transience of Capital: The Downward Trend in The Rate of Profit Since XIX Century. Germany: University Library of Munich.
• Marx, K. (1857). Grundrisse: Foundations of the Critique of Political Economy. London: Penguin Classics.
• Marx, K. (1867). Capital : A Critique of Political Economy Vol. 1. London: Penguin Classics.
• Marx, K. (1885). Capital : A Critique of Political Economy Vol. 2. London: Penguin Classics.
• Marx, K. (1894). Capital: A Critique of Political Economy, Vol. 3. London: Penguin Classics.
• McLeay, M., Radia, A., & Thomas, R. (2014). Money Creation in the Modern Economy. Bank of England Quarterly Bulletin, 2014 Q1, 14–27.
• Mian, A., & Sufi, A. (2015). House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again. Chicago and London: University of Chicago Press.
• Miess, M., & Schmelzer, S. (2016). Extension of the Empirical Stock-Flow Consistent (SFC) Model for Austria: Implementation of Several Asset Classes, a Detailed Tax System and Exploratory Scenarios. Materialien zu Wirtschaft und Gesellschaft Nr. 163 Working Paper-Reihe der AK Wien. Retrieved from http://irihs.ihs.ac.at/4135/
• Milanovic, B. (2010). The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global . New York: Basic Books.
• Minsky, H. (1982). Can It Happen Again? Essays on Instability and Finance. New York: M. E. Sharpe.
• Minsky, H. (1986). Stabilizing and Unstable Economy. New Haven: Yale University Press.
• Minsky, H. (1992). The Financial Instability Hypothesis. Working Paper 74, The Jerome Levy Economics Institute of Bard College.
• Moore, B. (1988). Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.
• Moore, B. J. (1983). Unpacking the Post Keynesian Black Box: Bank Lending and The Money Supply. Journal of Post Keynesian Economics, 5(4), 537-556.
• Morrison, T. (2008, 10 24). Nassim Nicholas Taleb. Retrieved from TIME: http://content.time.com/time/business/article/0,8599,1853531,00.html
• Nikiforos, M., & Zezza, G. (2017). Stock-Flow Consistent Macroeconomic Models: A Survey . Levy Economics Institute, Working Papers Series.
• Nikolaidi, M. (2015). Securitisation, Wage Stagnation and Financial Fragility: A Stock-Flow Consistent Perspective. London: University of Greenwich: Greenwich Papers in Political Economy no. GPERC27.
• Nikolaidi, M., & Engelbert, S. (2017). Minsky Models: A Structured Survey. Journal of Economic Surveys, 31(5), 1304-1331.
• Obstfeld, M. (1994). The Logic of Currency Crises. NBER Working Papers 4640, National Bureau of Economic.
• OECD. (2011). OECD Economic Outlook. Issue 2 - No. 90 :Organisation for Economic Co-operation and Development.
• OECD. (2012). Employment Outlook 2012. Paris: Organisation for Economic Co-operation and Development .
• Onaran, Ö., & Galanis, G. (2012). Is Demand Wage- Or Profit-Led? National and Global Effects.ILO Conditions of Work and Employment Series 40. Geneva: International Labour Organisation.
• Onaran, Ö., & Obst, T. (2016). Wage-Led Growth in The EU15 Member-States: The Effects of Income Distribution on Growth, Investment, Trade Balance and Inflation. Cambridge Journal of Economics, 40(6), 1517–1551.
• Onaran, Ö., Stockhammer, E., & Grafl , L. (2011). Financialisation, Income Distribution and Aggregate Demand in the USA. Cambridge Journal of Economics, 35(4), 637-661.
• Orhangazi, Ö. (2008). Financialisation and Capital Accumulation in The Non-Financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973-2003. Cambridge Journal of Economics, 32(6), 863-886.
• Palley , T. (1994). Debt, Aggregate Demand, And the Business Cycle: An Analysis in The Spirit of Kaldor And Minsky. Journal of Post Keynesian Economics, 16(3), 371–390.
• Palley, T. (2011). A Theory of Minsky Super-Cycles and Financial Crises. Contributions to Political Economy, 30(1), 31–46.
• Papadimitriou, D. B., Nikiforos, M., Zezza, G., & Hannsgen, G. (2014). Is Rising Inequality a Hindrance to the US Economic Recovery? Levy Institute Strategic Analysis, April. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
• Piketty, T. (2011). On The Long-Run Evolution Of İnheritance: France 1820–2050. The Quarterly Journal of Economics, 126(3), 1071–1131.
• Piketty, T. (2014). Capital in the 21st Century. Cambridge: Harvard University Press.
• Piketty, T., & Saez, E. (2003). Income Inequality in the United States, 1913-1998. Quarterly Journal of Economics, 118(1), 1–39.
• Rajan, R. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton: Princeton University Press.
• Raurich, X., Sala, H., & Sorolla, V. (2010). Factor Shares, the Price Markup and the Elasticity of Substitution between Capital and Labor. Journal of Macroeconomics, 34(1), 181-198.
• Reed, H., & Himmelweit, J. M. (2012). . Where Have All the Wages Gone? Lost Pay and Profits Outside Financial Services. Retrieved from TUC London: https://www.tuc.org.uk/sites/default/files/tucfiles/where_have_all_the_wages_gone_touchstone_extras_2012.pdf
• Reich, R. B. (2010). Aftershock: The Next Economy and America’s Future. New York: Alfred A. Knopf.
• Reinhart, C. M., & Rogoff, K. S. (2008). This Time is Different: A Panoramic View of Eight Centuries of Financial Crises. NBER Working Papers 13882. National Bureau of Economic Research.
• Roubini, N., & Mihm, S. (2010). Crisis Economics. New York: The Penguin Press.
• Ryoo, S. (2010). Long Waves and Short Cycles in A Model of Endogenous Financial Fragility. Journal of Economic Behavior & Organization, 74(3), 163–186.
• Ryoo, S. (2015). Household Debt and Housing Bubble: A Minskian Approach to Boom-Bust Cycles. Economics Department Working Paper Series. 189.
• Sandmo, A. (2015). The Principal Problem in Political Economy: Income Distribution in the History of Economic Thought. In A. B. Atkinson , & F. Bourguignon, Handbook of Income Distribution (pp. 4-65). Amsterdam: North-Holland.
• Scott III, R. H., & Pressman , S. (2019). Financially Unstable Households. Journal of Economic Issues, 53(2), 523-531.
• Shaikh, A. (1978). An Introduction to The History of Crisis Theories. In US Capitalism in Crisis. New York: Union for Radical Political Economics.
• Skott, P., & Ryoo, S. (2007). Macroeconomic Implications of Financialization. Economics Department Working Paper no. 41, University of Massachusetts Amherst.
• Stevens, G. (2008). Interesting Times. December 2008.Sydney: Reserve Bank of Australia Bulletin.
• Stiglitz, J. (2009a). The Current Economic Crisis and Lessons for Economic Theory. The Eastern Economic Journal, 35(3), 281-296.
• Stiglitz, J. (2009b). The Global Crisis, Social Protection and Jobs. International Labour Review, 148(1-2), 1–13.
• Stiglitz, J. (2010). Freefall: America, Free Markets, and the Sinking of the World Economy. WW Norton & Company.
• Stiglitz, J. (2012). The Price of Inequality. London: Penguin Books.
• Stockhammer, E. (2004). Financialisation and the Slowdown of Accumulation. Cambridge Journal of Economics, 28(5), 719-741.
• Stockhammer, E. (2010). Financialization and the Global Economy. Working Paper No. 242. Political Economy Research Institute.
• Stockhammer, E. (2015). Rising Inequality as a Root Cause of the Present Crisis. Cambridge Journal of Economics, 39(3), 935–958.
• Stockhammer, E., & Ederer, S. (2008). Demand Effects of the Falling Wage Share in Austria. Empirica, 35(5), 481-502.
• Stockhammer, E., Onaran, Ö., & Ederer, S. (2009). Functional Income Distribution and Aggregate Demand in The Euro Area. Cambridge Journal of Economics, 33(1), 139-159.
• Sweezy, P. M. (1970 [1942]). The Theory of Capitalist Development. New York: Monthly Review Press.
• Taleb, N. N. (2007). The Black Swan: The Impact of the Highly Improbable. NewYork: Random House.
• The Role of Income Inequality in Crisis Theories and in the Subprime . (2013). Post Keynesian Economics Study Group Working Paper, 1305. Van Treeck, T. (2008). Reconsidering the Investment-Profit Nexus in Finance-Led Economies: An ARDL-Based Approach. Metroeconomica, 59(3), 371-404.
• van Treeck, T. (2009). A Synthetic, Stock-Flow Consistent Macroeconomic Model of Financialisation. Cambridge Journal of Economics, 33(3), 467–493.
• Vandemoortele, M. (2009). Within-Country Inequality, Global Imbalances and Financial Instability. Desk Study for Netherlands Ministry of Foreign Affairs,Overseas Development Institute,London.
• Wallerstein, I. (2003). The Decline of American Power: The US in a Chaotic World. New York: The New Press.
• Weeks, J. (1979). The Process of Accumulation and the “Profit-Squeeze” Hypothesis. Contemporary issues in Marxist Political Economy, 43(3), 259-280.
• Weisskopf, T. (1979). Marxian Crisis Theory and The Rate of Profit in The Postwar U.S. Economy. Cambridge Journal of Economics, 3(4), 341-378.
• Wisman, J., & Baker, B. (2011). Rising Inequality and the Financial Crises of 1929 and 2008. In M. A. Starr , Consequences of Economic Downturn : Beyond the Usual Economics (pp. 63-82). New York: Palgrave Macmillan.
• Yılmaz, E. (2020). Understanding Financial Crises. London: Routledge.
• Zezza, G. (2007). The U.S. Housing Market: A Stock-Flow Consistent Approach. Ekonomia, 10(2), 89-111.
• Zezza, G. (2008). U.S. Growth, the Housing Market and the Distribution of Income. Journal of Post Keynesian Economics, 30(3), 379-405.