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The financial instability hypothesis, income distribution and complex dynamics

In: Income Distribution, Growth and Unemployment

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Abstract

This Chapter has a double task. On the one hand, it completes the previous Chapter by introducing speculative agents into the analysis. This implies that, in spite of the presence of a regime-switching device, the presence of runaway situation cannot be excluded. On the other, it is linked with Chapter 7, where a Minskyan approach was presented. However, also in that Chapter runaway situation were excluded because of the absence of Ponzi agents.The value added of this Chapter with respect to the previous one is that one is obliged to consider the thwarting forces in a less mechanical way. In order to prevent runaway situation to take place, one has to consider also changes in the rules of the game along with institutional changes. This complex system of reactions contribute to make the relation between income distribution, growth and unemployment equally complex.

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  • ., 2022. "The financial instability hypothesis, income distribution and complex dynamics," Chapters, in: Income Distribution, Growth and Unemployment, chapter 14, pages 200-218, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21213_14
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