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Stephen Kinsella, Matthias Greiff, Eduard J. Nell (2011) Income Distribution in a Stock-Flow-Consistent Model with Education and Technological Change”, Eastern Economic Journal, vol. 37, n. 1, pp. 134-149
JEL Codes:C63; C15
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.