Growth and Distribution in Heterodox Models with Managers and Financiers

Abstract

Abstract Heterodox models of income distribution and growth generally have two classes: workers and capitalists. However, recent discussions of inequality have drawn attention to changes in income distribution due to wage inequality and to an increase in the income and wealth of the top income group. To take these changes into account, this paper uses a simple two‐group framework to develop simple classical‐Marxian and post‐Keynesian‐Kaleckian models, in which one group consists of production workers who also own capital and another group consists of managers and financiers, as well as traditional capitalists, to analyze the determinants and growth implications of distributional changes.

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