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Income Distribution in a Stock-Flow Consistent Model with Education and Technological Change

Author

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  • Stephen Kinsella

    (Kemmy Business School, Department of Economics, University of Limerick, Co. Limerick, Limerick, Ireland.)

  • Matthias Greiff

    (Institute of Institutional and Innovation Economics, Faculty of Economics and Business Studies, Hochschulring 4, D-28359 Bremen, Germany)

  • Edward J Nell

    (Department of Economics, New School for Social Research, 6 East 16th Street, New York, NY, 10003, USA)

Abstract

We model a macroeconomy with stock-flow consistent national accounts built from the local interactions of heterogenous agents (households, firms, bankers, and a government) through product, labor, and money markets in discrete time. We use this model to show that, without any restrictions on the type of interactions agents can make, and with asymmetric information on the part of firms and households in this economy, power-law dynamics with respect to firm size and firm age, income distribution, skill set choice, returns to innovation, and earnings can emerge from multiplicative processes originating in the labor market.

Suggested Citation

  • Stephen Kinsella & Matthias Greiff & Edward J Nell, 2011. "Income Distribution in a Stock-Flow Consistent Model with Education and Technological Change," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 37(1), pages 134-149.
    • Handle: RePEc:pal:easeco:v:37:y:2011:i:1:p:134-149
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