Profits, Wages and Productivity in the Business Cycle: A Kaldorian Analysis

1. Introduction.- 2. Some Facts About the Typical Business Cycle.- Some Facts in General.- Comparative Methods.- Results in Detail.- Factors Conditioning Interpretations.- Stylized Facts and Some Explanations of These Facts.- Appendix 2A: Methods of Imputation and Their Validity.- Appendix 2B: Data.- Appendix 2C: Tables.- 3. Kaldor’s Model.- Kaldor’s Model.- Interpretation.- Comments.- Historical Constancies.- Conclusions: Some Remarks on Kaldor’s Model.- Appendix 3A: A Neoclassical Model of Income Distribution — In Comparison with Kaldor’s Model.- 4. Kaldorian Models: Two Applied Models.- Model A: An Employment Decision Approach.- Model B: A Markup Pricing Approach.- Conclusions: Some Remarks on Models A and B.- Appendix 4A: Model A: On Solution.- Appendix 4B: Equations for Comparative Statics.- Appendix 4C: A Model (1976).- Appendix 4D: Model B: On Solution.- Appendix 4E: The First Partial Derivative and Growth-Rate Equations.- 5. Other Models.- The Real Business Cycle Theory.- The New Keynesian Theory.- Conclusions: Some Remarks on Each Theory.- 6. Conclusions 133.- Summary.- Methodological Research Agenda.- Determinants of Investment.- Government Policy and International Trade.- Test of the Models and Model Calibration.- Questions Remaining for the Future.- References.