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Full-Text Articles in Social and Behavioral Sciences
The Correlates Of Rentier Returns In Oecd Countries, Arjun Jayadev, Gerald Epstein
The Correlates Of Rentier Returns In Oecd Countries, Arjun Jayadev, Gerald Epstein
Arjun Jayadev
This paper examines the correlates of rentier returns – returns to the ownership of financial assets -- in a sample of OECD countries between 1960 and 2000. We develop a simple bargaining model among three classes – industrial capitalists, rentiers and workers – and show that rentier income returns increase when domestic and foreign real interest rates costs of capital mobility fall, and the power of labor declines. Using an unbalanced panel dataset, the paper also econometrically investigates the impacts of proxies for these variables on rentier incomes. We find that interest rate liberalization, the reduction in the unionization rate …
Estimating Guard Labor, Arjun Jayadev
Estimating Guard Labor, Arjun Jayadev
Arjun Jayadev
As a background paper to Jayadev and Bowles (2006), this paper provides details on our measure of guard labor as we measure these in labor units. Data from the United States indicate a significant increase in its extent in the U.S. over the period 1890 to the present. Cross-national comparisons show a significant statistical association between income inequality and the fraction of the labor force that is constituted by guard labor, as well as with measures of political legitimacy (inversely) and political conflict.
The Class Content Of Preferences Towards Anti-Inflation And Anti Unemployment Policies, Arjun Jayadev
The Class Content Of Preferences Towards Anti-Inflation And Anti Unemployment Policies, Arjun Jayadev
Arjun Jayadev
This paper assesses class based preferences towards anti-inflationary and anti-unemployment policy. Using a consistent cross-country social survey, I find that the working class broadly defined, and those with lower occupational skill and status are more likely to prioritize combating unemployment rather than inflation. The result is robust to the inclusion of several plausible controls. The idea that the working class is less ‘relatively inflation averse’ is consistent with earlier predictions coming from large body of political economy research in the 1970s. The finding that inflation and unemployment aversion have a distinct class character has implications for current debates on the …
Guard Labor: An Essay In Honor Of Pranab Bardhan, Samuel Bowles, Arjun Jayadev
Guard Labor: An Essay In Honor Of Pranab Bardhan, Samuel Bowles, Arjun Jayadev
Arjun Jayadev
No abstract provided.